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WPG Interim / Quarterly Report 2021

Dec 23, 2021

52368_rns_2021-12-23_213e9bb1-dcf6-4fb7-9475-b3bc3f759194.pdf

Interim / Quarterly Report

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WPG HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT

MARCH 31, 2021 AND 2020

For the convenience of readers and for information purpose only, the auditors’ review report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors’ review report and financial statements shall prevail.

~1~

INDEPENDENT AUDITORS’ REVIEW REPORT TRANSLATED FROM CHINESE

To the Board of Directors and Stockholders of WPG Holdings Limited

Introduction

We have reviewed the accompanying consolidated balance sheets of WPG Holdings Limited and subsidiaries (the “Group”) as at March 31, 2021 and 2020, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the three months then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting” as endorsed by the Financial Supervisory Commission. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.

Scope of review

Except as explained in the following paragraph, we conducted our reviews in accordance with the Statement of Auditing Standards No. 65, “Review of Financial Information Performed by the Independent Auditor of the Entity” in the Republic of China. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for qualified conclusion

As explained in Notes 4(3)B and 6(9), the financial statements of certain insignificant consolidated subsidiaries and investments accounted for using equity method were not reviewed by independent auditors. Those statements reflect total assets (including investments accounted for using the equity method) of NT$22,469,845 thousand and NT$13,902,450 thousand, constituting 8% and 6% of the consolidated total assets, and total liabilities of NT$12,516,242 thousand and NT$8,665,479 thousand, constituting 6% and 5% of the consolidated total liabilities as at March 31, 2021 and 2020, respectively, and total comprehensive income (including share of profit (loss) of associates and joint ventures accounted for using the equity method and share of other comprehensive income of associates and joint ventures accounted for using the equity method) of NT$39,484 thousand and NT$82,728

~2~

thousand, constituting 2% and 4% of the consolidated total comprehensive income for the three months then ended, respectively.

Qualified conclusion

Except for the adjustments to the consolidated financial statements, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries been reviewed by independent auditors as described in the Basis for qualified conclusion section above, based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as at March 31, 2021 and 2020, and of its consolidated financial performance and its consolidated cash flows for the three months then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting” as endorsed by the Financial Supervisory Commission.

Lin, Chun-Yao Chou, Chien-hung

For and on behalf of PricewaterhouseCoopers, Taiwan May 11, 2021

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the review such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and audit report of independent auditors are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the consolidated financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

~3~

WPG HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) (THE BALANCE SHEETS AS OF MARCH 31, 2021 AND 2020 ARE REVIEWED, NOT AUDITED)

Assets Notes March 31, 2021 %
5
-
-
1
48
-
4
-
-
27
1
-
1
87
-
1
-
4
4
1
1
2
-
-
-
13
100		 December 31, 2020
AMOUNT
%
$ 11,020,020
5
87,124
-
246,682
-
3,210,976
1
108,221,027
46
177,893
-
12,933,710
6
1,615
-
13,734
-
57,100,025
25
2,616,586
1
-
-
2,381,971
1
198,011,363
85
1,346,806
1
1,831,394
1
225,681
-
11,922,666
5
10,560,533
4
1,630,694
1
1,573,739
1
5,661,833
2
534,834
-
31,050
-
646,520
-
35,965,750
15
$ 233,977,113
100		 March 31, 2020
AMOUNT
$ 13,850,473
101,987
222,896
2,975,491
129,858,570
111,450
11,272,427
1,564
16,463
72,930,059
3,281,349
338,019
1,334,253
236,295,001
1,410,096
2,072,094
226,117
12,149,845
10,174,892
1,652,041
1,538,786
5,642,602
520,467
31,050
799,094
36,217,084
$ 272,512,085		 AMOUNT
$ 11,020,020
87,124
246,682
3,210,976
108,221,027
177,893
12,933,710
1,615
13,734
57,100,025
2,616,586
-
2,381,971
198,011,363
1,346,806
1,831,394
225,681
11,922,666
10,560,533
1,630,694
1,573,739
5,661,833
534,834
31,050
646,520
35,965,750
$ 233,977,113		 AMOUNT
$ 13,227,536
34,773
196,111
1,719,929
106,785,878
126,386
11,550,719
1,467
82,882
81,536,164
3,691,347
-
819,864
219,773,056
1,264,094
24,956
-
8,727,606
10,621,447
1,016,677
1,047,077
5,683,599
495,057
-
268,118
29,148,631
$ 248,921,687		 %
Current assets
Cash and cash equivalents

Financial assets at fair value through
profit or loss - current

Financial assets at amortized cost -
current

Notes receivable, net

Accounts receivable, net

Accounts receivable - related parties
Other receivables

Other receivables - related parties

Current income tax assets
Inventory

Prepayments
Non-current assets held for sale - net
Other current assets
Total current assets
Non-current assets
Financial assets at fair value through
profit or loss - non-current

Financial assets at fair value through
other comprehensive income -
non-current

Financial assets at amortized cost -
non-current

Investments accounted for under
equity method

Property, plant and equipment

Right-of-use assets

Investment property - net

Intangible assets

Deferred income tax assets
Prepayments for investments

Other non-current assets

Total non-current assets
TOTAL ASSETS		 6(1)
6(2)
6(4) and 8
6(5)
6(5)
7(3)
6(7)
7(3)
6(8)
6(10) and 8
6(2) and 8
6(3)
6(4)
6(9)
6(10) and 8
6(11)
6(12) and 8
6(13)
6(14)
6(15)		 5
-
-
1
43
-
5
-
-
33
1
-
-
88
1
-
-
4
4
-
1
2
-
-
-
12
100

(Continued)

~4~

WPG HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(THE BALANCE SHEETS AS OF MARCH 31, 2021 AND 2020 ARE REVIEWED, NOT AUDITED)

March 31, 2021 December 31, 2020 March 31, 2020
Liabilities and Equity Notes AMOUNT % AMOUNT % AMOUNT %
Current liabilities
Short-term borrowings
 6(16) $ 72,619,922 27 $ 59,040,547 25 $ 64,918,062 26
Short-term notes and bills payable
 6(17) 5,094,925 2 4,941,505 2 5,936,216 2
Financial liabilities at fair value
 6(2)
through profit or loss - current 6,839 - 2,737 - 3,313 -
Notes payable 74,723 - 50,651 - 83,557 -
Accounts payable 80,304,477 29 62,835,569 27 71,209,166 29
Accounts payable - related parties
 7(3) 79,105 - 77,023 - 69,956 -
Other payables 7,154,878 3 8,033,574 4 7,488,390 3
Current income tax liabilities 1,211,606 - 790,796 - 1,113,217 1
Lease liabilities - current 398,308 - 405,282 - 424,658 -
Other current liabilities
 6(18)(19) 10,877,673 4 10,478,634 5 13,230,570 5
Total current liabilities 177,822,456 65 146,656,318 63 164,477,105 66
Non-current liabilities
Long-term borrowings
 6(18) 23,349,709 9 18,643,237 8 16,601,551 7
Deferred income tax liabilities 491,051 - 495,971 - 501,057 -
Lease liabilities - non-current 1,296,586 1 1,289,826 1 628,418 -
Other non-current liabilities 964,569 - 888,743 - 856,503 1
Total non-current liabilities 26,101,915 10 21,317,777 9 18,587,529 8
Total liabilities 203,924,371 75 167,974,095 72 183,064,634 74
Equity attributable to owners of
parent
Share capital
 1 and 6(21)
Common stock 16,790,568 6 16,790,568 7 16,790,568 7
Preference share 2,000,000 1 2,000,000 1 2,000,000 1
Capital surplus
 6(22)
Capital surplus 28,810,227 11 28,848,733 13 27,456,298 11
Retained earnings
 6(23)
Legal reserve 6,667,417 2 6,667,417 3 6,021,073 2
Special reserve 5,420,694 2 5,420,694 2 2,602,682 1
Unappropriated earnings 17,171,263 6 14,575,304 6 15,680,926 6
Other equity interest
Other equity interest
 6(24) ( 8,841,477)( 3) ( 8,832,794 ) ( 4)( 5,196,427) ( 2)
Equity attributable to owners of
the parent 68,018,692 25 65,469,922 28 65,355,120 26
Non-controlling interest
 4 569,022 - 533,096 - 501,933 -
Total equity 68,587,714 25 66,003,018 28 65,857,053 26
Significant contingent liabilities and
 7(3) and 9
unrecognized contract commitments
Significant events after the balance sheet 11
date
TOTAL LIABILITIES AND
EQUITY $ 272,512,085 100$ 233,977,113 100 $ 248,921,687 100

The accompanying notes are an integral part of these consolidated financial statements.

~5~

WPG HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT EARNINGS PER SHARE DATA) (REV IEWED, NOT AUDITED)

Items Three months ended March 31,
2021
2020
Notes
Amount
%
Amount
%
6(25) and 7(3)
$ 177,114,909
100
$ 131,044,575
100
6(8) and 7(3)
(
170,543,506) (
97) (
125,771,697) (
96)
6,571,403
3
5,272,878
4
6(30)(31) and 7(3)
(
2,254,088) (
1) (
2,026,810) (
2)
(
1,099,176) (
1) (
950,197) (
1)
(
231,772)
- (
104,517)
-
(
3,585,036) (
2) (
3,081,524) (
3)
2,986,367
1
2,191,354
1
6(26)
5,008
-
11,231
-
6(27)
55,013
-
39,912
-
6(28)
25,063
-
224,415
-
6(29)
(
440,070)
- (
585,911)
-
349,016
-
124,762
-
(
5,970)
- (
185,591)
-
2,980,397
1
2,005,763
1
6(32)
(
524,098)
- (
339,576)
-
$ 2,456,299
1
$ 1,666,187
1
Operating revenue

Operating costs

Gross profit
Operating expenses

Selling and marketing expenses
General and administrative expenses
Expected credit impairment loss
Total operating expenses
Operating profit
Non-operating income and expenses
Interest income

Other income

Other gains and losses

Finance costs

Share of profit of associates and joint
ventures accounted for using the equity
method
Total non-operating income and
expenses
Income before income tax
Income tax expense

Consolidated net income

(Continued)

~6~

WPG HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT EARNINGS PER SHARE DATA) (REV IEWED, NOT AUDITED)

Items Three months ended March 31,
2021
2020
Notes
Amount
%
Amount
6(3)(24)
$ 188,908
-
$ -
6(24)
(
256,326)
-(
69,088)

(
67,418)
-(
69,088)
59,961
-
319,279
6(24)
(
2,426)
- (
25,848)
6(32)
(
51)
-(
572)

57,484
-
292,859
($ 9,934)
-
$ 223,771
$ 2,446,365
1
$ 1,889,958
$ 2,419,128
1
$ 1,658,696
37,171
-
7,491
$ 2,456,299
1
$ 1,666,187
$ 2,410,439
1
$ 1,882,963
35,926
-
6,995
$ 2,446,365
1
$ 1,889,958
6(33)
$ 1.44
$ $ 1.44
$		 Three months ended March 31, Three months ended March 31, Three months ended March 31, %
-

-

-
-

-

-
-
-
1
1
-
1
1
-
1
0.99
0.99
2021 2020
%
Amount
-
$ -

-(
69,088)

-(
69,088)
-
319,279

- (
25,848)

-(
572)
-
292,859

-
$ 223,771
1
$ 1,889,958
1
$ 1,658,696
-
7,491
1
$ 1,666,187
1
$ 1,882,963
-
6,995
1
$ 1,889,958
1.44
$ 1.44
$		 2020
Other comprehensive income
Components of other comprehensive income
that will not be reclassified to profit or loss
Unrealized gains from investments in
equity instruments measured at fair
value through other comprehensive
income

Share of other comprehensive loss of
associates and joint ventures accounted
for using the equity method that will not
be reclassified to profit or loss

Other comprehensive loss that will not be
reclassified to profit or loss
Components of other comprehensive income
that will be reclassified to profit or loss
Exchange differences on translation of
foreign financial statements
Share of other comprehensive loss of
associates and joint ventures accounted
for using the equity method

Income tax related to components of other
comprehensive income that will be
reclassified to profit or loss

Other comprehensive income that will be
reclassified to profit or loss
Total other comprehensive (loss) income
Total comprehensive income
Consolidated net income attributable to:
Owners of the parent
Non-controlling interest
Comprehensive income attributable to:
Owners of the parent
Non-controlling interest
Earnings per share (in dollars)

Basic earnings per share
Diluted earnings per share
$ $

The accompanying notes are an integral part of these consolidated financial statements.

~7~

WPG HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(REV IEWED, NOT AUDITED)

Three months ended March 31, 2020
Balance at January 1, 2020
Total consolidated profit
Net other comprehensive income (loss)
Total comprehensive income (loss)
Balance at March 31, 2020
Three months ended March 31, 2021
Balance at January 1, 2021
Total consolidated profit
Net other comprehensive (loss) income
Total comprehensive income (loss)
Changes in equity of associates and joint
ventures accounted for using the equity
method
Balance at March 31, 2021		 Notes Equity att rib utable to owners o utable to owners o f the parent Non-controlling
interest		 Total equity
Share Capital Capital reserve Retained Earnings Other EquityInterest Total
Common stock Preference stock Legal reserve Special reserve Unappropriated
earnings		 Exchange
differences of
foreign financial
statements
 Unrealized gains
(loss) on financial
assets at fair value
through other
comprehensive
income
6(24)
6(24)
6(22)


$ 16,790,568
-
-
-
$ 16,790,568
$ 16,790,568
-
-
-
-
$16,790,568		 $ 2,000,000
-
-
-
$ 2,000,000
$ 2,000,000
-
-
-
-
$2,000,000		 $ 27,456,298
-
-
-
$ 27,456,298
$ 28,848,733
-
-
-
(
38,506 )
$28,810,227



$ 6,021,073
-
-
-
$ 6,021,073
$ 6,667,417
-
-
-
-
$6,667,417


$ 2,602,682
-
-
-
$ 2,602,682
$ 5,420,694
-
-
-
-
$5,420,694		 $ 14,022,230
1,658,696
-
1,658,696
$ 15,680,926
$ 14,575,304
2,419,128
(
6 )
2,419,122
176,837
$17,171,263		 ($ 5,414,694 )
-
293,355
293,355
($ 5,121,339 )
($ 10,687,165 )
-
58,729
58,729
-
($10,628,436 )		 ($ 6,000 )
-
(
69,088 )
(
69,088 )
($ 75,088 )
$ 1,854,371
-
(
67,412 )
(
67,412 )
-
$1,786,959		 $ 63,472,157
1,658,696
224,267
1,882,963
$ 65,355,120
$ 65,469,922
2,419,128
(
8,689 )
2,410,439
138,331
$68,018,692		 $ 494,938
7,491
(
496 )
6,995
$ 501,933
$ 533,096
37,171
(
1,245 )
35,926
-
$ 569,022		 $ 63,967,095
1,666,187

223,771
1,889,958
$ 65,857,053
$ 66,003,018
2,456,299
(
9,934 )
2,446,365
138,331
$68,587,714

The accompanying notes are an integral part of these consolidated financial statements.

~8~

WPG HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) (REV IEWED, NOT AUDITED)

Cash flows from operating activities
Profit before income tax
Adjustments
Income and expenses
Depreciation
Amortization
Expected credit impairment loss
Interest expense
Net gain on financial assets or liabilities at fair value
through profit or loss
Interest income
Dividend income
Share of profit of associates and joint ventures
accounted for using the equity method
Loss on disposal of investment
Loss on disposal of property, plant and equipment
Gain on lease modification
Changes in assets/liabilities relating to operating activities
Changes in assets relating to operating activities
Financial assets (liabilities) at fair value through
profit or loss - current
Notes receivable
Accounts receivable
Accounts receivable - related parties, net
Other receivables
Other receivables - related parties
Inventories
Prepayments
Other current assets
Changes in liabilities relating to operating activities
Notes payable
Accounts payable
Accounts payable - related parties
Other payables
Other current liabilities
Other non-current liabilities
Cash (outflow) inflow generated from operations
Interest paid
Income tax paid
Interest received
Income tax refund
Dividends received
Net cash used in operating activities		 Three months ended March 31,
Notes
2021
2020
$ 2,980,397 $ 2,005,763
6(30)
218,987
184,125
6(13)(30)
15,006
14,901
231,772
104,517
6(29)
440,070
530,234
6(28)
(
43,981 ) (
2,795 )
6(26)
(
5,008 ) (
11,231 )
6(27)
(
204 )
-
(
349,016 ) (
124,762 )
6(28)
1,325
-
6(28)
297
11
6(28)
(
31,878 ) (
154 )

33,221
335,315
235,483
257,169
(
21,877,513 )
3,765,686
66,443 (
28,094 )
1,661,865 (
121,865 )
51 (
259 )
(
15,830,034 ) (
13,814,527 )
(
664,763 ) (
1,448,660 )
52,535
4,656
24,072
48,915
17,468,908
7,620,996
2,082
69,303
(
901,099 )
1,790,802
405,810 (
398,518 )
(
36,649)
9,080
(
15,901,821 )
790,608
(
417,667 ) (
529,935 )
(
94,276 ) (
580,646 )
4,426
11,352
-
715
204
-
(
16,409,134)(
307,906)

(Continued)

~9~

WPG HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) (REV IEWED, NOT AUDITED)

Three months ended Three months ended March 31,
Notes 2021 2020
Cash flows from investing activities
Acquisition of financial assets at fair value through other
comprehensive income - non-current ( $ 51,792 ) $
-
Acquisition of property, plant and equipment and intangible 6(34)
assets ( 290,195 ) (
5,086,438 )
Proceeds from disposal of property, plant and equipment and
intangible assets 6,449
576
Increase in guarantee deposits paid ( 22,552 ) (
2,529 )
Decrease in guarantee deposits paid 12,244
3,443
Decrease in other financial assets - current 995,183
571,497
(Increase) decrease in other non-current assets ( 5,930 )
64,898
Acquisition of financial assets at fair value through profit or
loss - non-current ( 37,757 )
(
8,950 )
Proceeds from disposal of financial assets at fair value
through profit or loss - non-current 378
-
Proceeds from capital reduction of financial assets at fair
value through profit or loss -
13,333
Proceeds from capital reduction of financial assets at fair
value through other comprehensive income -
7,079
Decrease in financial assets at amortized cost - current 25,902
2,234
Increase in financial assets at amortized cost - current ( 1,858 ) (
113,506 )
Increase in financial assets at amortized cost - non-current ( 436)
-
Net cash provided by (used in) investing activities 629,636 (
4,548,363)
Cash flows from financing activities
Principal repayment of lease liability 6(35) ( 100,398 ) (
111,737 )
Increase in short-term borrowings 6(35) 151,252,083
158,836,984
Decrease in short-term borrowings 6(35) ( 137,672,708 ) (
162,810,536 )
Increase in long-term borrowings (including current portion 6(35)
of long-term liabilities) 6,891,582
14,423,764
Decrease in long-term borrowings (including current portion
6(35)
of long-term liabilities) ( 2,191,881 ) (
2,971,524 )
Increase in short-term notes and bills payable 6(35) 7,422,807
10,353,011
Decrease in short-term notes and bills payable 6(35) ( 7,269,387 ) (
9,972,219 )
Increase in guarantee deposits received 144,371
16,063
Decrease in guarantee deposits received ( 42,397) (
15,876)
Net cash provided by financing activities 18,434,072
7,747,930
Effect of exchange rate changes on cash and cash equivalents 175,879 343,293
Net increase in cash and cash equivalents 2,830,453
3,234,954
Cash and cash equivalents at beginning of period 11,020,020 9,992,582
Cash and cash equivalents at end of period $ 13,850,473 $ 13,227,536

The accompanying notes are an integral part of these consolidated financial statements.

~10~

WPG HOLDINGS LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT AS OTHERWISE INDICATED) (REVIEWED, NOT AUDITED)

1. HISTORY AND ORGANIZATION

  • (1) WPG Holdings Limited (the Company) was incorporated as a company limited by shares under the provisions of the Company Law of the Republic of China, and as a holding company of World Peace Industrial Co., Ltd. and Silicon Application Corporation by exchanging shares of common stock on November 9, 2005. The Company’s shares were listed on the Taiwan Stock Exchange (TSE) and approved by the Financial Supervisory Commission, Executive Yuan, Securities and Futures Bureau on the same date. After restructuring, Richpower Electronic Devices Co., Ltd. became the Company’s subsidiary on January 1, 2008. The Company acquired Pernas Electronics Co., Ltd., Asian Information Technology Inc., Yosun Industrial Corp. and AECO Technology Co., Ltd. by exchanging shares of common stock on July 16, 2008, February 6, 2009, November 15, 2010 and March 1, 2012, respectively. After the Company’s organization restructuring on January 1, 2014, World Peace Industrial Co., Ltd., Silicon Application Corp. and Yosun Industrial Corp. acquired 100% shares in AECO Technology Co., Ltd., Pernas Electronics Co., Ltd. and Richpower Electronic Devices Co., Ltd. through share exchange, and consequently, AECO Technology Co., Ltd., Pernas Electronics Co., Ltd. and Richpower Electronic Devices Co., Ltd. became indirectly owned subsidiaries. The Company originally evaluated Genuine C&C, Inc. using equity method. The Company acquired partial stocks of Genuine C&C, Inc. on April 8, 2015 and completed the purchase on April 15, 2015. After the purchase, the Company held 60.5% shares of Genuine C&C, Inc. which became the Company’s directly owned subsidiary. On September 1, 2017, the stock swap between Trigold Holdings Limited (Trigold) and the shareholders who previously owned Genuine C&C, Inc. was conducted at a stock swap ratio of 1:1. On the same day, Trigold was established and began OTC trading whereas Genuine C&C, Inc. was unlisted at OTC. The Company and subsidiaries owned a total of 60.51% equity of Trigold after the stock swap. The Company and the subsidiaries included in these consolidated financial statements are collectively referred as the “Group”.

  • (2) The Company was organized to create the management mechanism of the group, supervise the subsidiaries, integrate the whole group and improve operational efficiency. The Company’s subsidiaries are mainly engaged in the distribution and sales of electronic / electrical components, sales of computer software and electrical products and sales of electronic / electrical components.

  • (3) As of March 31, 2021, the Company’s authorized capital was $25,000,000 (certain shares can

~11~

be issued as preference shares, and $500,000 is reserved for employee stock option certificates, restricted stocks to employees, convertible preferred stock and convertible bonds), and the paid-in capital was $18,790,568 with a par value of $10 (in dollars) per share.

2. THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORIZATION

These consolidated financial statements were reported to the Board of Directors on May 11, 2021.

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRS”) as endorsed by the Financial Supervisory Commission (“FSC”)

New standards, interpretations and amendments endorsed by the FSC effective from 2021 are as follows:

as follows:
New Standards, Interpretations and Amendments
Amendments to IFRS 4, ‘Extension of the temporary exemption
from applying IFRS 9’
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16,
‘Interest Rate Benchmark Reform - Phase 2’
Amendment to IFRS 16, ‘Covid-19-related rent concessions beyond
June 30, 2021’		 Effective date by
International Accounting
Standards Board
January 1, 2021
January 1, 2021

April 1, 2021 (Note)

Note: Earlier application from January 1, 2021 is allowed by the FSC.

The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

(2) Effect of new issuances of or amendments to IFRSs as endorsed by the FSC but not yet adopted

  • by the Group

None.

(3) IFRSs issued by IASB but not yet endorsed by the FSC

New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs endorsed by the FSC are as follows:

IFRSs endorsed by the FSC are as follows:
New Standards, Interpretations and Amendments
Amendments to IFRS 3, ‘Reference to the conceptual framework’
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets
between an investor and its associate or joint venture’
IFRS 17, ‘Insurance contracts’
Amendments to IFRS 17, ‘Insurance contracts’		 Effective date by
International Accounting
Standards Board
January 1, 2022
To be determined by
International Accounting
Standards Board
January 1, 2023
January 1, 2023

~12~

New Standards, Interpretations and Amendments
Amendments to IAS 1, ‘Classification of liabilities as current or
non-current’
Amendments to IAS 1, ‘Disclosure of accounting policies’
Amendments to IAS 8, ‘Definition of accounting estimates’
Amendments to IAS 16, ‘Property, plant and equipment: proceeds
before intended use’
Amendments to IAS 37, ‘Onerous contracts - cost of fulfilling a
contract’
Annual improvements to IFRS Standards 2018 - 2020		 Effective date by
International Accounting
Standards Board
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2022
January 1, 2022
January 1, 2022

The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted are consistent with Note 4 in the consolidated financial statements for the year ended December 31, 2020, except for the compliance statement, basis of preparation, basis of consolidation and additional policies as set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

  • (1) Compliance statement

  • A. The consolidated financial statements of the Group have been prepared in accordance with the “Regulations Governing the Preparation of Financial Reports by Securities Issuers” and the International Accounting Standard 34, ‘Interim financial reporting’ as endorsed by the FSC.

  • B. These consolidated financial statements are to be read in conjunction with the consolidated financial statements for the year ended December 31, 2020.

  • (2) Basis of preparation

  • A. Except for the following items, these consolidated financial statements have been prepared under the historical cost convention:

    • (a) Financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

    • (b) Financial assets at fair value through other comprehensive income measured at fair value.

    • (c) Defined benefit liabilities recognized based on the net amount of pension fund assets less present value of defined benefit obligation.

  • B. The preparation of financial statements in conformity with International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the FSC (collectively referred herein as the “IFRSs”)

~13~

requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.

(3) Basis of consolidation

A. Basis for preparation of consolidated financial statements:

Basis for preparation for the current period financial statements and the 2020 consolidated financial statements is the same.

B. Subsidiaries included in the consolidated financial statements:

Name of investor
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Investment Co.,
Ltd.
WPG Investment Co.,
Ltd.
LaaS Holdings (Samoa)
Limited
LaaS Holdings (HK)
Limited		 Name of subsidiary
World Peace Industrial
Co., Ltd.
Silicon Application
Corporation
WPG Korea Co., Ltd.
WPG Electronics Ltd.
WPG International (CI)
Limited
Asian Information
Technology Inc.
Yosun Industrial Corp.
WPG Investment Co.,
Ltd.
Trigold Holdings Limited
Trigold Holdings Limited
LaaS Holdings (Samoa)
Limited
LaaS Holdings (HK)
Limited
LaaS (Dongguan) Supply
Chain Management
Limited		 Main business
activities
Agent and sales of
electronic / electrical
components
Sales of computer
software and electronic
products
Agent and sales of
electronic / electrical
components
〞
Holding company
Sales of electronic /
electrical components
〞
Investment company

Holding company

〞
〞
〞

Intelligent warehousing
enhanced services		 Ownership (%) Ownership (%)
March 31,
2020
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
60.50
0.01
0.00
0.00
0.00		 Description
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 9 and 16
Notes 9 and 16
Notes 11 and
16

March 31,
2021
100.00

100.00
100.00
100.00
100.00
100.00
100.00
100.00
60.50
0.01
100.00
100.00
100.00
December 31,
2020
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
60.50
0.01
100.00
100.00
100.00

~14~

Name of investor
World Peace Industrial
Co., Ltd.
World Peace Industrial
Co., Ltd.
World Peace Industrial
Co., Ltd.
World Peace Industrial
Co., Ltd.
AECO Technology Co.,
Ltd.
Teco Enterprise Holding
(B.V.I.) Co., Ltd.
World Peace
International (BVI)
Ltd.
Prime Future Technology
Limited
World Peace
International (BVI)
Ltd.
World Peace
International Pte. Ltd.
World Peace
International Pte. Ltd.
World Peace
International Pte. Ltd.
World Peace
International (South
Asia) Pte Ltd.
World Peace
International (South
Asia) Pte Ltd.
World Peace
International (South
Asia) Pte Ltd.		 Name of subsidiary
World Peace
International (BVI)
Ltd.
WPI Investment Holding
(BVI) Company Ltd.
Longview Technology
Inc.
AECO Technology Co.,
Ltd.
Teco Enterprise Holding
(B.V.I.) Co., Ltd.
AECO Electronic Co.,
Ltd.
Prime Future Technology
Limited

World Peace
International Pte. Ltd.
World Peace
International Pte. Ltd.
Genuine C&C
(IndoChina) Pte., Ltd.
WPG Americas Inc.
World Peace
International (South
Asia) Pte Ltd.
World Peace
International (India)
Pvt., Ltd.
WPG C&C (Malaysia)
Sdn. Bhd
WPG C&C (Thailand)
Co., Ltd.		 Main business
activities
Holding company

〞
Agent and sales of
electronic / electrical
components
〞
Investment company
Trading of electronic /
electrical products

Holding company
〞
〞
Agent and sales of
electronic / electrical
components
〞
〞
〞
〞
Agent and sales of
information products		 Ownership (%) Ownership (%)
March 31,
2020
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
0.00
80.00
4.31
100.00
100.00
100.00
100.00		 Description

March 31,
2021
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
80.00
4.31
100.00
100.00
100.00
100.00
December 31,
2020
100.00
100.00
100.00
100.00
100.00
100.00
0.00
0.00
100.00
80.00
4.31
100.00
100.00
100.00
100.00

Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 12 and
15
Notes 12, 15
and 16
Notes 12, 15
and 16
Notes 15 and
16
Note 2
Notes 15 and
16
Notes 15 and
16
Notes 3, 15
and 16

~15~

Name of investor
World Peace
International (South
Asia) Pte Ltd.
WPI Investment Holding
(BVI) Company Ltd.
WPI Investment Holding
(BVI) Company Ltd.
WPI International (Hong
Kong) Limited
WPI International (Hong
Kong) Limited
Longview Technology
Inc.
Longview Technology
Inc.
Longview Technology
GC Limited
Long-Think International
(Hong Kong) Limited
Silicon Application
Corporation
Silicon Application
Corporation
Silicon Application
Corporation
Silicon Application
Corporation
Pernas Electronics Co.,
Ltd.
Silicon Application
(BVI) Corp.
Silicon Application
Company Limited		 Name of subsidiary
WPG C&C Computers
And Peripheral (India)
Private Limited

WPI International (Hong
Kong) Limited

World Peace
International (Asia)
Limited
WPG C&C Limited
AIO Components
Company Limited
Longview Technology
GC Limited
Long-Think International
Co., Ltd.
Long-Think International
(Hong Kong) Limited

Long-Think International
(Shanghai) Limited
Silicon Application
(BVI) Corp.
Win-Win Systems Ltd.
SAC Components (South
Asia) Pte. Ltd.
Pernas Electronic Co.,
Ltd.
Everwiner Enterprise
Co., Ltd.
Silicon Application
Company Limited
Dstar Electronic
Company Limited		 Main business
activities

Agent and sales of
electronic / electrical
components
〞
〞
Agent and sales of
information products
Agent and sales of
electronic / electrical
components
Holding company

Agent and sales of
electronic / electrical
components

〞

〞
Holding company
〞

Sales of computer
software, hardware and
electronic products
Agent and sales of
electronic / electrical
components
〞
Sales of computer
software and electronic
products
〞		 Ownership (%) Ownership (%)
March 31,
2020
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00		 Description
Notes 15 and
16
Notes 10 and
15
Notes 15 and
16
Notes 14 and
15
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 8 and 15
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16

March 31,
2021
100.00
100.00
0.00
100.00
0.00
100.00
100.00
100.00
0.00
100.00
100.00

100.00
100.00
100.00

100.00
100.00
December 31,
2020
100.00
100.00
0.00
100.00
100.00
100.00
100.00
100.00
0.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

~16~

Name of investor
WPG Korea Co., Ltd.
Apache Communication
Inc. (B.V.I.)
WPG International (CI)
Limited
WPG International (CI)
Limited
WPG International (CI)
Limited
WPG International (CI)
Limited
WPG International (CI)
Limited
WPG International
(Hong Kong) Limited
WPG International
(Hong Kong) Limited
WPG International
(Hong Kong) Limited
WPG South Asia Pte.
Ltd.
WPG South Asia Pte.
Ltd.
WPG South Asia Pte.
Ltd.
WPG South Asia Pte.
Ltd.
WPG South Asia Pte.
Ltd.
WPG South Asia Pte.
Ltd.
WPG Malaysia Sdn. Bhd		 Name of subsidiary
Apache Communication
Inc. (B.V.I.)
Apache Korea Corp.
WPG International
(Hong Kong) Limited
WPG Americas Inc.
WPG South Asia Pte.
Ltd.
WPG Cloud Service
Limited
WPG Gain Tune Ltd.
WPG Electronics (Hong
Kong) Limited
WPG China Inc.
WPG China (SZ) Inc.
WPG Malaysia Sdn. Bhd
WPG (Thailand) Co.,
Ltd.
WPG India Electronics
Pvt. Ltd.
WPG Electronics
(Philippines) Inc.
WPG SCM Limited
WPG Vietnam Co., Ltd.

WPG India Electronics
Pvt. Ltd.		 Main business
activities
Investment company
Sales of electronic /
electrical products
Holding company
Agent and sales of
electronic / electrical
components
Sales of electronic /
electrical products
General trading
Agent for selling
electronic / electrical
components
〞
〞
Sales of computer
software and electronic
products

Agent and sales of
electronic / electrical
components
〞
〞
〞
〞
〞
〞		 Ownership (%) Ownership (%)
March 31,
2020
100.00
100.00
100.00
95.69
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
99.99
100.00
100.00
0.00
0.01		 Description

March 31,
2021
100.00
100.00
100.00
95.69
100.00
100.00
100.00
100.00
100.00

100.00
100.00
100.00
99.99
100.00
100.00
100.00
0.01
December 31,
2020
100.00
100.00
100.00
95.69
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
99.99
100.00
100.00
100.00
0.01

Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Note 2
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 5, 15
and 16
Notes 6, 15
and 16
Notes 4, 15
and 16
Notes 7, 15
and 16
Notes 6, 15
and 16

~17~

Name of investor
Asian Information
Technology Inc.
Asian Information
Technology Inc.
Asian Information
Technology Inc.
Asian Information
Technology Inc.
Frontek Technology
Corporation
Fame Hall International
Co., Ltd.
Frontek International
Limited
Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Industrial Corp.
Richpower Electronic
Devices Co., Ltd.
Richpower Electronic
Devices Co., Ltd.
Sertek Incorporated
Suntop Investments
Limited
Suntop Investments
Limited
Yosun Hong Kong Corp.
Ltd.
Yosun Hong Kong Corp.
Ltd.
Trigold Holdings Limited
Trigold Holding Limited		 Name of subsidiary
Apache Communication
Inc.
Henshen Electric Trading
Co., Ltd.
Frontek Technology
Corporation
Fame Hall International
Co., Ltd.
Frontek International
Limited
AIT Japan Inc.
Gather Technology
Incorporation Limited
Sertek Incorporated
Suntop Investments
Limited
Richpower Electronic
Devices Co., Ltd.
Richpower Electronic
Devices Co., Limited
Richpower Electronic
Devices Pte., Ltd.
Sertek Limited
Yosun Hong Kong Corp.
Ltd.
Yosun Singapore Pte Ltd.
Yosun South China Corp.
Ltd.
Yosun Shanghai Corp.
Ltd.

Genuine C&C Inc.
Trigold (Hong Kong)
Company Limited		 Main business
activities
Sales of electronic /
electrical products

〞
〞
Investment company
〞
Sales of electronic /
electrical products
〞
〞
Investment company
Sales of electronic /
electrical components
Sales of electronic /
electrical products
〞
Sales of electronic /
electrical components
〞

〞

〞
Warehouse
business and sales of
electronic components
Sales of computer and
its peripherals
Holding company		 Ownership (%) Ownership (%)
March 31,
2020
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00		 Description

March 31,
2021
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

100.00
100.00
100.00
December 31,
2020
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16

~18~

Name of investor
Trigold (Hong Kong)
Company Limited
Trigold (Hong Kong)
Company Limited
Trigold (Hong Kong)
Company Limited
Triglod (Hong Kong)
Company Limited
Trigolduo (Shanghai)
Industrial
Development Ltd.
Genuine C&C, Inc.
Genuine C&C, Inc.
Peng Yu (Shanghai)
Digital Technology
Co., Ltd.		 Name of subsidiary
Peng Yu (Shanghai)
Digital Technology
Co., Ltd.
WPG C&C Shanghai
Co., Ltd.
Peng Yu Trigold Limited
Trigolduo (Shanghai)
Industrial Development
Ltd.
Trigold Tongle
(Shanghai) Industrial
Development Ltd.
Hoban Inc.
Genuine C&C Holding
Inc. (Seychelles)
Peng Yu International
Limited		 Main business
activities
Sales of electronic/
electrical products
〞
〞

Children’s indoor
amusement park
〞
An E-commerce
company which
operates B2C and O2O
businesses
Holding company
Sales of
electronic/electrical
products		 Ownership (%) Ownership (%)
March 31,
2020
100.00
100.00
0.00
70.00
100.00
100.00
100.00
100.00		 Description

March 31,
2021
100.00
100.00
100.00
70.00
100.00

100.00
100.00
100.00
December 31,
2020
100.00
100.00
0.00
70.00
100.00
100.00
100.00
100.00

Notes 15 and
16
Notes 13and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16
Notes 15 and
16

  • Note 1: The combined ownership percentage of common shares held by the Company and its subsidiaries is more than 50% or has control power.

  • Note 2: World Peace Industrial Co., Ltd. totally held 4.31% of shares of WPG Americas Inc. through World Peace International Pte Ltd. and WPI International (Hong Kong) Limited. Along with shares of WPG Americas Inc. held by WPG International (CI) Limited, the total shareholding ratio is 100%.

  • Note 3: Due to restriction of local regulations, the Company holds 51% ownership which is under the name of other individuals. The substantial ownership held by the Company is 100%.

  • Note 4: Due to restriction of local regulations, the Company holds 62% ownership which is under the name of other individuals. The substantial ownership held by the Company is 100%.

  • Note 5: Due to restriction of local regulations, the Company holds 61% ownership which is under the name of other individuals. The substantial ownership held by the Company is 100%.

  • Note 6: WPG South Asia Pte. Ltd. and WPG Malaysia Sdn. Bhd. separately hold 99.99% and 0.01% of shares of the subsidiary, respectively, and both companies together hold 100% of shares of the subsidiary.

  • Note 7: The subsidiary was established in January 2020.

~19~

  • Note 8: The subsidiary was liquidated in August 2020.

  • Note 9: The subsidiary was established in June 2020.

  • Note 10: The subsidiary was liquidated in September 2020.

  • Note 11: The subsidiary was established in August 2020.

  • Note 12: World Peace International (BVI) Ltd. merged with Prime Future Technology Limited, and the effective date for the merger was set on October 31, 2020. Under the merger, World Peace International (BVI) Limited was the surviving company while Prime Future Technology Limited was the dissolved company. The equity interest in World Peace International Pte Ltd. held by Prime Future Technology Limited was transferred to World Peace International (BVI) Limited.

  • Note 13: The subsidiary was established in January 2021.

  • Note 14: The subsidiary had been dissolved and liquidated in March 2021, and the registration for the retirement is still in progress.

  • Note 15: The financial statements of the entity as of and for the three months ended March 31, 2020 were not reviewed by the independent auditors as the entity did not meet the definition of a significant subsidiary.

  • Note 16: The financial statements of the entity as of and for the three months ended March 31, 2021 were not reviewed by the independent auditors as the entity did not meet the definition of a significant subsidiary.

  • C. Subsidiaries not included in the consolidated financial statements: None.

  • D. Adjustments for subsidiaries with different balance sheet dates: None.

  • E. Significant restrictions: None.

  • F. Subsidiaries that have non-controlling interests that are material to the Group:

  • As of March 31, 2021, December 31, 2020 and March 31, 2020, the non-controlling interest amounted to $569,022, $533,096 and $501,933, respectively. The information on non-controlling interest and respective subsidiaries is as follows:

Principal Non-controlling interest place March 31,2021 December 31, 2020 March 31,2020 Name of subsidiary of business Amount Ownership Amount Ownership Amount Ownership Trigold Holdings Taiwan $ 532,669 39.49% $ 495,830 39.49% $ 458,740 39.49% Limited and its subsidiaries (Note)

Note: Details of equity interest of Trigold Holdings Limited held by the Company are provided in Note 1(1).

~20~

Summarized financial information of the subsidiaries:

(a) Balance sheets

Balance sheets
Trigold Holdings Limited and its subsidiaries
March 31, 2021 December 31, 2020 March 31, 2020
Current assets $ 4,559,330 $ 4,515,511 $ 6,086,858
Non-current assets 355,924 356,673 349,546
Current liabilities ( 3,356,633) ( 3,387,836) ( 5,018,621)
Non-current liabilities ( 212,604)
( 230,216)
( 253,445)
Total net assets 1,346,017 1,254,132 1,164,338
Less: Non-controlling
interest ( 2,510)
( 1,131)
( 3,820)
Equity attributable to
owners of the parent
company $ 1,343,507 $ 1,253,001 $ 1,160,518

(b) Statements of comprehensive income

Statements of comprehensive income
Trigold Holdings Limited and its subsidiaries
Three months ended March 31,
2021 2020
Revenue $ 4,278,445 $ 3,513,124
Profit before tax 121,100 33,216
Income tax expense ( 25,841) ( 8,649)
Profit for the period 95,259 24,567
Other comprehensive loss, net of tax ( 3,374) ( 3,672)
Total comprehensive income $ 91,885 $ 20,895
Total comprehensive loss attributable
to non-controlling interest ($ 1,379) ($ 3,306)
Dividends paid to non-controlling
interests $- $-
Statements of cash flows
Trigold Holdings Limited and its subsidiaries
Three months ended March 31,
2021 2020
Net cash provided by operating
activities $ 392,205 $ 1,032,709
Net cash provided by (used in)
investing activities 366 ( 3,982)
Net cash used in financing activities ( 371,650) ( 1,013,031)
Effect of exchange rates on cash and
cash equivalents ( 4,169) ( 2,241)
Increase in cash and cash equivalents 16,752 13,455
Cash and cash equivalents, beginning
of period 1,019,529 394,001
Cash and cash equivalents, end of
period $ 1,036,281 $ 407,456

(c) Statements of cash flows

~21~

(4) Employee benefits

  • A. Short-term employee benefits

Short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period and should be recognized as expenses in that period when the employees render service.

  • B. Pensions

  • (a) Defined contribution plans

For defined contribution plans, the contributions are recognized as pension expenses when they are due on an accrual basis. Prepaid contributions are recognized as an asset to the extent of a cash refund or a reduction in the future payments.

  • (b) Defined benefit plans

    • i. Net obligation under a defined benefit plan is defined as the present value of an amount of pension benefits that employees will receive on retirement for their services with the Group in current period or prior periods. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The net defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The rate used to discount is determined by using interest rates of government bonds (at the balance sheet date) of a currency and term consistent with the currency and term of the employment benefit obligations.

    • ii. Remeasurements arising on defined benefit plans are recognized in other comprehensive income in the period in which they arise and are recorded as retained earnings.

    • iii. Pension cost for the interim period is calculated on a year-to-date basis by using the pension cost rate derived from the actuarial valuation at the end of the prior financial year, adjusted for significant market fluctuations since that time and for significant curtailments, settlements, or other significant one-off events. Also, the related information is disclosed accordingly.

  • C. Employees’ compensation and directors’ remuneration

  • Employees’ compensation and directors’ remuneration are recognized as expenses and liabilities, provided that such recognition is required under legal or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the subsequently actual distributed amounts is accounted for as changes in estimates. If employee compensation is distributed by shares, the Group calculates the number of shares based on the closing price at the previous day of the board meeting resolution.

~22~

  • (5) Income tax

  • A. The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or items recognized directly in equity, in which cases the tax is recognized in other comprehensive income or equity.

  • B. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. An additional tax is levied on the unappropriated retained earnings and is recorded as income tax expense in the year the stockholders resolve to retain the earnings.

  • C. Deferred tax is recognized, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated balance sheet. However, the deferred tax is not accounted for if it arises from initial recognition of goodwill or of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.

  • D. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. At each balance sheet date, unrecognized and recognized deferred tax assets are reassessed.

  • E. Current income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different entities that intend to s ettle on a net basis or realize the asset and settle the liability simultaneously.

  • F. The interim period income tax expense is recognized based on the estimated average annual effective income tax rate expected for the full financial year applied to the pretax income of the interim period, and the related information is disclosed accordingly.

~23~

5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

The preparation of these consolidated financial statements requires management to make critical judgements in applying the Group’s accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates may differ from the actual results and are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year; and the related information is addressed below:

(1) Critical judgements in applying the Group’s accounting policies

  • Revenue recognition on a net/gross basis

  • The Group determines whether the nature of its performance obligation is to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for the other party to provide those goods or services (i.e. the Group is an agent) based on the transaction model and its economic substance. The Group is a principal if it controls a promised good or service before it transfers the good or service to a customer. The Group recognizes revenue at gross amount of consideration to which it expects to be entitled in exchange for those goods or services transferred. The Group is an agent if its performance obligation is to arrange for the provision of goods or services by another party. The Group recognizes revenue at the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the other party to provide its goods or services.

Indicators that the Group controls the good or service before it is provided to a customer include the following:

  • A. The Group is primarily responsible for the provision of goods or services.

  • B. The Group assumes the inventory risk before transferring the specified goods or services to the customer or after transferring control of the goods or services to the customer.

  • C. The Group has discretion in establishing prices for the goods or services.

  • (2) Critical accounting estimates and assumptions

  • A. Impairment assessment of goodwill

    • The impairment assessment of goodwill relies on the Group’s subjective judgement, including identifying cash-generating units, allocating assets and liabilities as well as goodwill to related cash-generating units, and determining the recoverable amounts of related cash-generating units. Please refer to Note 6(13) for the information on goodwill impairment.

  • B. Valuation of provision for allowance for accounts receivable

    • In the process of assessing uncollectible accounts, the Group must use judgements and assumptions to determine the collectability of accounts receivable. The collectability is affected by various factors: customers’ financial conditions, the Company’s internal credit ratings, historical experience, current economic conditions, etc. When sales are not

~24~

expected to be collected, the Group recognizes a specific allowance for doubtful receivables after the assessment. The assumptions and estimates of allowance for uncollectible accounts are based on concerning future events as that on the balance sheet date. Assumptions and estimates may differ from the actual results which may result in a material adjustment. Please refer to Note 12(2) for the information on assessing uncollectible accounts for doubtful receivables.

6. DETAILS OF SIGNIFICANT ACCOUNTS

(1) Cash and cash equivalents


Petty cash and cash on had

Checking accounts deposits

Demand deposits

Time deposits

 March 31, 2021
$ 4,802
3,028,441
10,110,687
706,543

$ 13,850,473
 December 31, 2020

$ 4,683
2,539,463
7,372,219
1,103,655

$ 11,020,020
 March 31, 2020
$ 4,166
2,212,684
10,368,463
642,223
$ 13,227,536

  • A. The Group associates with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

  • B. There were no cash and cash equivalents pledged to others.

(2) Financial assets / liabilities at fair value through profit or loss

Items

Current items:
Financial assets mandatorily
measured at fair value through
profit or loss
Listed stocks

Derivatives


Valuation adjustment


Financial liabilities held for
trading
Derivatives

Non-current items:
Financial assets mandatorily
measured at fair value through
profit or loss
Listed stocks

Emerging stocks

Unlisted stocks


Valuation adjustment
(
 March 31, 2021
$ 47,501
4,183

51,684
50,303

$ 101,987

$ 6,839

$ 119,256
49,605
1,507,717

1,676,578
266,482)
(
$ 1,410,096
 December 31, 2020

$ 46,532
3,827

50,359
36,765

$ 87,124

$ 2,737

$ 119,256
49,605
1,474,855

1,643,716
296,910)
(
$ 1,346,806
 March 31, 2020
$ 22,547
6,623
29,170
5,603
$ 34,773
$ 3,313
$ 119,256
49,605
1,441,624
1,610,485
346,391)
$ 1,264,094

~25~

  • A. Amounts recognized in profit (loss) in relation to financial assets at fair value through profit or loss are listed below:


Financial assets mandatorily measured at
fair value through profit or loss
Equity instruments

Derivatives
(
 Three months ended March 31,
2021
2020
$ 46,770 ($ 49,367)
2,789)
52,162
$ 43,981
$ 2,795
  • B. The Group entered into contracts relating to derivative financial assets which were not accounted for under hedge accounting. The information is listed below:
Derivative instruments
Current items:
Forward foreign exchange contracts
- Sell
- Sell-SWAP
- Buy
Futures
Derivative instruments
Current items:
Forward foreign exchange contracts
- Sell
- Sell Swap
- Buy
Futures		 March 31, 2021

Contract amount
(notional principal)
(Note)
Contract period
USD 25,576 2021.03.17~2021.05.05
EUR 500 2021.02.25~2021.04.12
USD 14,000 2021.03.17~2021.04.16
USD 11,504 2021.02.08~2021.05.28
EUR 4,000 2021.03.02~2021.04.14
$ 6,614 2021.03.30~2021.04.21
December 31, 2020
Contract period

Contract amount
(notional principal)
(Note)
EUR 500
USD 13,000
USD 16,890
EUR 2,500
$ 5,873
Contract period

2020.12.15~2021.01.14
2020.12.22~2021.01.28
2020.09.29~2021.02.25
2020.12.11~2021.01.14
2020.12.30~2021.01.20

~26~

Derivative instruments
Current items:
Forward foreign exchange contracts
- Sell
- Sell-SWAP
- Buy
Futures		 March 31, 2020

Contract amount
(notional principal)
(Note)
RMB 35,000
EUR 1,000
USD 9,130
USD 37,604
EUR 1,500
$ 1,922
Contract period

2020.02.10~2020.06.15
2020.03.03~2020.06.24
2020.03.17~2020.04.09
2019.08.08~2020.05.28
2020.03.17~2020.04.14
2020.03.26~2020.04.15

Note：Expressed in thousands.

  • (a) Forward foreign exchange contracts

  • The Group entered into forward exchange contracts to manage exposures to foreign exchange rate fluctuations of import or export sales. However, the forward exchange contracts did not meet the criteria for hedge accounting. Therefore, the Group did not apply hedge accounting.

  • (b) Futures

The futures which are owned by the Group are stock index futures aiming to earn the spread. As of March 31, 2021, December 31, 2020 and March 31, 2020, the balance of margin in the account were $3,501, $3,147 and $13,082, and the amount of excess margin were $3,167, $2,881 and $2,112, respectively.

  • C. Details of the Group’s financial assets at fair value through profit or loss pledged to others as collateral are provided in Note 8.

  • D. Information relating to credit risk of financial assets at fair value through profit or loss is provided in Note 12(2).

(3) Financial assets at fair value through other comprehensive income

Items

Non-current items:
Equity instruments
Listed stocks

Unlisted stocks


Valuation adjustment

 March 31, 2021
$ 1,748,046
40,956

1,789,002
283,092

$ 2,072,094
 December 31, 2020

$ 1,696,254
40,956

1,737,210
94,184
(
$ 1,831,394
 March 31, 2020
$ -
30,956
30,956
6,000)
$ 24,956
  • A. The Group has elected to classify equity investments that are considered to be strategic investments as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,072,094, $1,831,394 and $24,956 as at March

~27~

31, 2021, December 31, 2020 and March 31, 2020, respectively.

  • B. Amounts recognized in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below:


Financial assets at fair value through other
comprehensive income
Fair value change recognized in other
comprehensive income
 Three months ended March 31,
2021
2020
$ 188,908
$-

2021

$ 188,908

  • C. As at March 31, 2021, December 31, 2020 and March 31, 2020, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at fair value through other comprehensive income held by the Group amounted to $1,789,002, $1,737,210 and $30,956, respectively.

  • D. The Group has no financial assets at fair value through other comprehensive income pledged to others as collateral.

  • E. Information relating to credit risk of financial assets at fair value through other comprehensive income is provided in Note 12(2).

(4) Financial assets at amortized cost

Items

Current items:
Time deposits

Non-current items:
Earmarked repatriated funds
 March 31, 2021
$ 222,896

$ 226,117
 December 31, 2020

$ 246,682

$ 225,681
 March 31, 2020
$ 196,111
$-
  • A. Amounts recognized in profit or loss in relation to financial assets at amortized cost are listed below:
listed below:


Interest income
 Three months ended March 31,

2021

$ 515
2020
$ 383

  • B. As of March 31, 2021, December 31, 2020 and March 31, 2020, the Group’s certain offshore funds in the amount of $226,117, $225,681 and $0 are restricted under the Management, Utilization, and Taxation of Repatriated Offshore Funds Act, respectively, and were reclassified as financial assets at amortized cost-non-current.

  • C. Details of the Group’s financial assets at amortized cost pledged to others as collateral are provided in Note 8.

  • D. Information relating to credit risk of financial assets at amortized cost is provided in Note 12(2).

~28~

(5) Notes and accounts receivable
March 31, 2021
December 31, 2020
March 31, 2020
Notes receivable
$ 2,975,495 $ 3,210,978 $ 1,719,929
Less: Allowance for uncollectible
accounts
( 4)
( 2)
-
$ 2,975,491
$ 3,210,976
$ 1,719,929
Accounts receivable
$ 130,758,886 $ 108,939,299 $ 107,829,020
Less: Allowance for uncollectible
accounts
( 900,316)
( 718,272)
( 1,043,142)
$ 129,858,570
$ 108,221,027
$ 106,785,878
A. The ageing analysis of accounts receivable and notes receivable is as follows:
March 31, 2021
December 31, 2020
Accounts
receivable
Notes
receivable
Accounts
receivable
Notes
receivable
Not past due
$125,247,118 $ 2,975,495 $102,903,136 $ 3,207,616
One month
4,238,284 - 5,126,579 3,362
Two months
340,135 - 217,114 -
Three months
136,765 - 54,657 -
Four months
259,519 - 54,784 -
Over four months
537,065
-
583,029
-
$130,758,886
$ 2,975,495
$108,939,299
$ 3,210,978
March 31, 2020
Accounts
receivable
Notes
receivable
Not past due
$100,170,420 $ 1,701,067
One month
5,314,787 18,862
Two months
905,463 -
Three months
483,134 -
Four months
294,603 -
Over four months
660,613
-
$107,829,020
$ 1,719,929

The above ageing analysis was based on the number of months past due.

  • B. As of March 31, 2021, December 31, 2020, March 31, 2020 and January 1, 2020, the Group’s receivables (including notes receivable) arising from contracts with customers amounted to $133,734,381, $112,150,277, $109,548,949 and $113,555,690, respectively.

  • C. The Group has no notes and accounts receivable pledged to others as collateral.

  • D. As at March 31, 2021, December 31, 2020 and March 31, 2020, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group’s notes receivable was $2,975,491, $3,210,976 and $1,719,929, and accounts receivable was $129,858,570,

~29~

$108,221,027 and $106,785,878, respectively.

  • E. Information relating to credit risk of accounts receivable and notes receivable is provided in Note 12(2).

  • (6) Transfer of financial assets

  • Transferred financial assets that are derecognized in their entirety

The Group entered into factoring of accounts receivable with banks. In accordance with the contract requirements, the Group shall only be liable for the losses incurred on any commercial dispute and did not assume the risk of uncollectible accounts receivable. The Group does not have any continuing involvement in the transferred accounts receivable. The derecognized amounts had already deducted the estimated commercial disputes. The commercial papers and time deposits pledged to the banks are for losses incurred only on commercial disputes or for the banks’ practice of accounts receivable factoring. The pledged commercial papers and time deposits do not cover losses other than those arising from commercial disputes. As of March 31, 2021, December 31, 2020 and March 31, 2020, outstanding accounts receivable were as follows:

March 31, 2021

March 31, 2021
Purchaser of
accounts receivable
Cathay United Bank
Mega International
Commercial Bank
CTBC Bank
E. SUN Commercial
Bank
Taipei Fubon
Commercial Bank
Yuanta Commercial
Bank
The Hong Kong and
Shanghai Banking
Corporation Limited
Standard Chartered
Bank
Taishin International
Bank
Bank SinoPac
Far Eastern
International Bank
Chang Hwa Bank
DBS Bank
Taiwan Cooperative
Bank
Hang Seng Bank		 Accounts
receivable
transferred
Amount
derecognized
Facilities
(In thousands)
Amount
advanced
Interest rate
of amount
advanced
$ 439,321 $ 439,321USD
50,000 $ 439,3210.67%~0.90%
2,755,372 2,755,372USD
$ 137,000
540,000
2,610,0500.97%~1.12%
3,963,557 3,963,557USD
85,800 3,199,4770.72%~1.14%
$ 7,915,663
3,057,035 3,057,035USD
$ 187,000
20,000
1,766,0900.90%~1.15%
368,191 368,191USD
$ 23,000
1,474,300
348,8700.81%~0.97%
743,890 743,890USD
36,700 22,537
0.99%
3,586,042 3,586,042USD
277,500 3,146,2450.84%~1.95%
36,759 36,759USD
3,000 -
-
5,115,371 5,115,371$ 9,800,000 3,310,0610.75%~1.10%
1,831,215 1,831,215USD
92,400 801,4110.79%~1.00%
199,154 199,154USD
$ 19,000
400,000
6,771
0.98%
63,706 63,706USD
16,600 790.80%~0.81%
4,390,044 4,390,044USD
279,000 1,417,1420.74%~0.92%
40,164 40,164USD
3,000 -
-
5,321,403 $ 5,321,403USD
150,000 4,904,1731.05%~1.10%		 Pledged
assets
Note 1
Note 2
Note 3
Note 4
Note 5
Note 6
Note 7
None
Note 8
Note 9
Note 10
Note 11
Note 12
Note 13
None

~30~

March 31, 2021

March 31, 2021
Purchaser of
accounts receivable
KGI Bank
Bank of Taiwan
Mizuho Bank		 Accounts
receivable
transferred
Amount
derecognized
Facilities
(In thousands)
Amount
advanced
Interest rate
of amount
advanced
$ 588,975 $ 588,975$ 1,350,000 $ 99,023
0.96%
439 439USD
14,000 4390.73%~0.74%
107,034 107,034USD
20,000 107,0340.95%~0.98%		 Pledged
assets
Note 14
Note 15
Note 16

  • Note 1: The Group has signed commercial papers amounting to USD 50,000 thousand that were pledged to others as collateral.

  • Note 2: The Group has signed commercial papers amounting to USD 137,000 thousand and $540,000 that were pledged to others as collateral.

  • Note 3: The Group has signed commercial papers amounting to USD 6,100 thousand and $879,400 that were pledged to others as collateral.

  • Note 4: The Group has signed commercial papers amounting to USD 187,000 thousand and $20,000 that were pledged to others as collateral.

  • Note 5: The Group has signed commercial papers amounting to $37,000 that were pledged to others as collateral.

  • Note 6: The Group has signed commercial papers amounting to USD 36,700 thousand that were pledged to others as collateral.

  • Note 7: The Group has signed commercial papers amounting to USD 271,550 thousand that were pledged to others as collateral.

  • Note 8: The Group has signed commercial papers amounting to $9,800,000 that were pledged to others as collateral.

  • Note 9: The Group has signed commercial papers amounting to USD 77,400 thousand that were pledged to others as collateral.

  • Note 10: The Group has signed commercial papers amounting to USD 19,000 thousand and $400,000 that were pledged to others as collateral.

  • Note 11: The Group has signed commercial papers amounting to USD 16,600 thousand that were pledged to others as collateral.

  • Note 12: The Group has signed commercial papers amounting to USD 215,000 thousand that were pledged to others as collateral.

  • Note 13: The Group has signed commercial papers amounting to USD 3,000 thousand that were pledged to others as collateral.

  • Note 14: The Group has provided demand deposits amounting to $810,000 that were pledged to others as collateral.

  • Note 15: The Group has signed commercial papers amounting to USD 14,000 thousand that were pledged to others as collateral.

  • Note 16: The Group has signed commercial papers amounting to USD 20,000 thousand that were pledged to others as collateral.

~31~

December 31, 2020

December 31, 2020
Purchaser of
accounts receivable
Cathay United Bank
Mega International
Commercial Bank
CTBC Bank
E. SUN Commercial
Bank
Taipei Fubon
Commercial Bank
Yuanta Commercial
Bank
The Hong Kong and
Shanghai Banking
Corporation Limited
Standard Chartered
Bank
Taishin International
Bank
Bank SinoPac
Far Eastern
International Bank
Chang Hwa Bank
DBS Bank
Taiwan Cooperative
Bank
Hang Seng Bank
KGI Bank
Bank of Taiwan
Mizuho Bank		 Accounts
receivable
transferred
Amount
derecognized
Facilities
(In thousands)
Amount
advanced
Interest rate
of amount
advanced
$ 476,090 $ 476,090USD
50,000 $ 476,0900.75%~0.90%
2,517,967 2,517,967USD
$ 137,000
540,000
2,434,6270.95%~1.30%
4,429,296 4,429,296USD
78,300 1,765,4330.70%~2.39%
$ 8,129,400
2,996,154 2,996,154USD
$ 187,000
20,000
1,594,4130.99%~1.18%
541,422 541,422USD
$ 23,000
1,474,300
479,8450.77%~2.95%
661,197 661,197USD
36,700 127,0501.03%~1.09%
5,545,384 5,545,384USD
277,500 4,519,1060.96%~2.02%
30,320 30,320USD
3,000 -
-
4,623,696 4,623,696$ 9,800,000 1,889,6310.72%~1.01%
1,593,747 1,593,747USD
77,400 361,5640.75%~0.97%
179,981 179,981USD
$ 19,000
400,000
29,4471.01%~1.22%
16,287 16,287USD
16,600 9,7160.84%~0.87%
3,774,370 3,774,370USD
279,000 2,662,4920.76%~0.95%
56,508 56,508USD
3,000 12,305
1.04%
4,809,876 4,809,876USD
150,000 4,401,5761.09%~2.59%
577,650 577,650$ 1,350,000 20,227
1.06%
2,490 2,490USD
14,000 2,490
0.8%~0.81%
206,453 206,453USD
20,000 206,453
0.98%		 Pledged
assets
Note 1
Note 2
Note 3
Note 4
Note 5
Note 6
Note 7
None
Note 8
Note 9
Note 10
Note 11
Note 12
Note 13
None
Note 14
Note 15
Note 16

  • Note 1: The Group has signed commercial papers amounting to USD 50,000 thousand that were pledged to others as collateral.

  • Note 2: The Group has signed commercial papers amounting to USD 137,000 thousand and $540,000 that were pledged to others as collateral.

  • Note 3: The Group has signed commercial papers amounting to USD 5,600 thousand and $893,640 that were pledged to others as collateral.

  • Note 4: The Group has signed commercial papers amounting to USD 187,000 thousand and $20,000 that were pledged to others as collateral.

  • Note 5: The Group has signed commercial papers amounting to $37,000 that were pledged to others as collateral.

  • Note 6: The Group has signed commercial papers amounting to USD 36,700 thousand that were pledged to others as collateral.

  • Note 7: The Group has signed commercial papers amounting to USD 271,550 thousand that

~32~

were pledged to others as collateral.

  • Note 8: The Group has signed commercial papers amounting to $9,800,000 that were pledged to others as collateral.

  • Note 9: The Group has signed commercial papers amounting to USD 77,400 thousand that were pledged to others as collateral.

  • Note 10: The Group has signed commercial papers amounting to USD 19,000 thousand and $400,000 that were pledged to others as collateral.

  • Note 11: The Group has signed commercial papers amounting to USD 16,600 thousand that were pledged to others as collateral.

  • Note 12: The Group has signed commercial papers amounting to USD 215,000 thousand that were pledged to others as collateral.

  • Note 13: The Group has signed commercial papers amounting to USD 3,000 thousand that were pledged to others as collateral.

  • Note 14: The Group has provided demand deposits amounting to $810,000 that were pledged to others as collateral.

  • Note 15: The Group has signed commercial papers amounting to USD 14,000 thousand that were pledged to others as collateral.

  • Note 16: The Group has signed commercial papers amounting to USD 20,000 thousand that were pledged to others as collateral.

March 31, 2020

March 31, 2020
Purchaser of
accounts receivable
Cathay United Bank
Mega International
Commercial Bank
CTBC Bank
E. SUN Commercial
Bank
Taipei Fubon
Commercial Bank
Yuanta Commercial
Bank
The Hong Kong and
Shanghai Banking
Corporation Limited
Standard Chartered
Bank
Taishin International
Bank
Bank SinoPac
Far Eastern
International Bank		 Accounts
receivable
transferred
Amount
derecognized
Facilities
(In thousands)
Amount
advanced
Interest rate
of amount
advanced
$ 898,156 $ 898,156USD
50,000 $ 898,1561.80%~1.25%
3,347,175 3,347,175USD
$ 133,000
540,000
3,191,7781.96%~3.07%
3,428,480 3,428,480USD
43,300 1,625,8681.31%~3.35%
$ 3,902,000
2,336,158 2,336,158USD
$ 173,000
20,000
1,314,4221.60%~2.91%
609,603 609,603USD
$ 23,000
1,474,300
446,1480.94%~3.12%
377,789 377,789USD
39,000 66,4082.62%~2.64%
2,453,085 2,453,085USD
140,500 1,622,7472.23%~3.51%
20,956 20,956USD
3,250 11,0312.52%~2.59%
3,184,475 3,184,475$ 9,800,000 554,6021.91%~3.02%
366,371 366,371USD
44,900 -
-
115,998 115,998USD
$ 19,000
400,000
8,602
2.48%		 Pledged
assets
Note 1
Note 2
Note 3
Note 4
Note 5
Note 6
Note 7
None
Note 8
Note 9
Note 10

~33~

March 31, 2020

March 31, 2020
Purchaser of
accounts receivable
Chang Hwa Bank
DBS Bank
Taiwan Cooperative
Bank
Hang Seng Bank
KGI Bank
Bank of Taiwan		 Accounts
receivable
transferred
Amount
derecognized
Facilities
(In thousands)
Amount
advanced
Interest rate
of amount
advanced
$ 184,615 $ 184,615USD
25,600 $ 130,7492.48%~3.18%
3,575,350 3,575,350USD
245,000 2,129,9412.06%~3.41%
17,874 17,874USD
3,000 -
-
3,254,644 3,254,644USD
130,000 2,979,1161.56%~2.67%
384,723 384,723$ 1,350,000 -
-
2,683 2,683USD
14,000 2,6832.32%~3.01%		 Pledged
assets
Note 11
Note 12
Note 13
None
Note 14
Note 15

  • Note 1: The Group has signed commercial papers amounting to USD 50,000 thousand that were pledged to others as collateral.

  • Note 2: The Group has signed commercial papers amounting to USD 133,000 thousand and $540,000 that were pledged to others as collateral.

  • Note 3: The Group has signed commercial papers amounting to USD 29,242 thousand and $390,200 that were pledged to others as collateral.

  • Note 4: The Group has signed commercial papers amounting to USD 176,000 thousand and $20,000 that were pledged to others as collateral.

  • Note 5: The Group has signed commercial papers amounting to $37,000 that were pledged to others as collateral.

  • Note 6: The Group has signed commercial papers amounting to USD 39,000 thousand that were pledged to others as collateral.

  • Note 7: The Group has signed commercial papers amounting to USD 122,850 thousand that were pledged to others as collateral.

  • Note 8: The Group has signed commercial papers amounting to $9,800,000 that were pledged to others as collateral.

  • Note 9: The Group has signed commercial papers amounting to USD 44,900 thousand that were pledged to others as collateral.

  • Note 10: The Group has signed commercial papers amounting to USD 19,000 thousand and $400,000 that were pledged to others as collateral.

  • Note 11: The Group has signed commercial papers amounting to USD 25,600 thousand that were pledged to others as collateral.

  • Note 12: The Group has signed commercial papers amounting to USD 220,000 thousand that were pledged to others as collateral.

  • Note 13: The Group has signed commercial papers amounting to USD 3,000 thousand that were pledged to others as collateral.

  • Note 14: The Group has signed commercial papers amounting to $810,000 that were pledged to others as collateral.

  • Note 15: The Group has signed commercial papers amounting to USD 14,000 thousand that were pledged to others as collateral.

~34~

(7)
(8)		 Other receivables
March 31, 2021
December 31, 2020
March 31, 2020
Retention amount of factoring
accounts receivable
$ 10,428,949 $ 12,046,423 $ 9,575,882
VAT refund
441,812 319,864 341,185
Others
401,666
567,423
1,633,652
$ 11,272,427
$ 12,933,710
$ 11,550,719
Inventories
March 31, 2021
Cost
Allowance
for valuation
Book value
Inventories
$ 71,448,929 ($ 1,370,856) $ 70,078,073
Inventories in transit
2,851,986
-
2,851,986
$ 74,300,915
($ 1,370,856)
$ 72,930,059
December 31, 2020
Cost
Allowance
for valuation
Book value
Inventories
$ 55,394,035 ($ 1,401,082) $ 53,992,953
Inventories in transit
3,107,072
-
3,107,072
$ 58,501,107
($ 1,401,082)
$ 57,100,025
March 31, 2020
Cost
Allowance
for valuation
Book value
Inventories
$ 77,063,341 ($ 1,366,600) $ 75,696,741
Inventories in transit
5,839,423
-
5,839,423
$ 82,902,764
($ 1,366,600)
$ 81,536,164
The cost of inventories recognized as expense for the period:
Three months ended March 31,
2021
2020
Cost of goods sold
$ 170,542,420 $ 125,487,532
Loss on price decline in inventory
968 283,811
Gain on physical inventory
118
354
Cost of goods sold
$ 170,543,506
$ 125,771,697

~35~

(9) Investments accounted for using the equity method

A. Details of investments accounted for using the equity method:

Investee company

WT Microelectronics Co.,
Ltd. (WT)

Chain Power Technology
Corp. (Chain Power)

Sunrise Technology Co., Ltd.
Eesource Corp. (Eesource)

Suzhou Xinning Bonded
Warehouse Co., Ltd.

Adivic Technology Co., Ltd.
Suzhou Xinning Logistics
Co., Ltd.

Gain Tune Logistics
(Shanghai) Co., Ltd.

VITEC WPG Limited

AutoSys Co., Ltd.

Beauteek Global Wellness
Corporation Limited

 March 31, 2021
$ 11,576,348
176,905
47,692
67,098
69,352
25,265
44,736
23,055
41,804
69,643
7,947

$ 12,149,845
 December 31, 2020

$ 11,365,951
165,518
47,581
64,275
68,733
26,952
44,332
24,713
35,852
70,282
8,477

$ 11,922,666
 March 31, 2020
$ 8,138,712
171,016
57,018
68,975
74,947
31,286
39,735
24,317
38,778
70,470
12,352
$ 8,727,606

B. The basic information on the associate that is material to the Group is as follows:

Company
name
WT		 Principal
place
of business
Taiwan		 Shareholding ratio
March 31,
2021
December 31,
2020
March 31,
2020
22.38%
22.47%
29.9%		 Shareholding ratio
March 31,
2021
December 31,
2020
March 31,
2020
22.38%
22.47%
29.9%		 Shareholding ratio
March 31,
2021
December 31,
2020
March 31,
2020
22.38%
22.47%
29.9%
Nature of
relationship
Holding at least
20% of the voting
rights		 Method of
measurement

March 31,
2021
22.38%
December 31,
2020
22.47%
29.9% Equity method

The summarized financial information of the associate that is material to the Group is as follows:

Balance sheet

Balance sheet
WT
March 31, 2021 December 31, 2020 March 31, 2020
Current assets $ 115,669,788 $ 111,091,657 $ 104,407,879
Non-current assets 19,549,926 19,744,555 5,040,587
Current liabilities ( 86,285,815) ( 82,612,742) ( 84,782,480)
Non-current liabilities ( 1,894,419)
( 2,280,475)
( 2,184,979)
Total net assets $ 47,039,480 $ 45,942,995 $ 22,481,007
Adjustments on fair value of
other intangible and
tangible assets 64,955 56,428 -
Total net assets after
adjustments $ 47,104,435 $ 45,999,423 $ 22,481,007

~36~



Share in associate’s net assets
Goodwill (Note)

Carrying amount of the
associate
 WT
March 31, 2020
$ 6,721,821
1,416,891
$ 8,138,712
March 31, 2021
$ 10,489,177
1,087,171

$ 11,576,348
 December 31, 2020

$ 10,278,780
1,087,171

$ 11,365,951
  • Note: In February 2020, the Group held 29.9% equity interest in WT. However, WT increased its capital by issuing new shares in order to exchange shares with ASMedia Technology Inc., and the effective date for this share exchange was set on April 21, 2020, and the convertible bonds WT issued were converted to common stock. As the Group did not subscribe to the capital increase proportionately to its equity interest and WT issued employees’ stock option certificate, the Group’s shareholding ratio of WT decreased to 22.38%, and its capital reserve decreased by $38,506. The Group obtained purchase price allocation report issued by independent appraisals firm for goodwill which arose from acquiring the company’s equity interests.

Statement of comprehensive income

equity interests.
Statement of comprehensive income



Revenue

Profit for the period from continuing
operations

Other comprehensive loss, net of tax
(
Total comprehensive income for the period
Dividends received from associates
 WT
Three months ended March 31,
2021
2020
$ 97,646,378
$ 77,475,659
1,448,237 616,107
362,285)
( 11,718)
$ 1,085,952
$ 604,389
$-
$-

2021

$ 97,646,378

1,448,237
362,285)
(
$ 1,085,952

$-
  • C. The carrying amount of the Group’s interests in all individually immaterial associates and the Group’s share of the operating results are summarized below:

As of March 31, 2021, December 31, 2020 and March 31, 2020, the carrying amount of the Group’s individually immaterial associates amounted to $573,497, $566,721 and $588,894, respectively.

$588,894, respectively.


Profit for the period from continuing
operations

Other comprehensive (loss) income - net of
tax
(
Total comprehensive income
 Three months ended March 31,
2021
2020
$ 18,462 $ 1,966
1,681)
787
$ 16,781
$ 2,753

2021

$ 18,462
1,681)

$ 16,781

~37~

  • D. The fair value of the Group’s material associates with quoted market prices is as follows:

March 31, 2021 December 31, 2020 March 31, 2020 WT $ 8,350,737 $ 7,137,533 $ 6,039,451

  • E. There was no impairment on investments accounted for using the equity method as of March 31, 2021, December 31, 2020 and March 31, 2020.

  • F. The Group is the single largest shareholder of WT with a 22.38% equity interest. Given the participation extent of other shareholders in the shareholders’ meeting and record of voting rights for major proposals, which indicate that the Group has no current ability to direct the relevant activities of WT, the Group has no control, but only has significant influence, over the investee.

  • G. The Group is the single largest shareholder of Chain Power with a 39% equity interest. Given that a 40.49% equity interest in Chain Power is concentrated on other investors and a group vote of minority voting rights hold more shares than the Group, which indicate that the Group has no current ability to direct the relevant activities of Chain Power, the Group has no control, but only has significant influence, over the investee.

  • H. The Group is the single largest shareholder of Eesource with a 40% equity interest. Given that a 43% equity interest in Eesource is concentrated on other investors and a group vote of minority voting rights hold more shares than the Group, which indicate that the Group has no current ability to direct the relevant activities of Eesource, the Group has no control, but only has significant influence, over the investee.

  • I. Except for WT which was accounted for based on its financial statements which were reviewed by independent auditors, the other investments accounted for using the equity method as of March 31, 2021 and 2020 and investment income (loss) for the three months ended March 31, 2021 and 2020 were recognized based on their financial statements which were not reviewed by independent auditors.

~38~

(10) Property, plant and equipment

(10)Property, plant and equipment
Land
Buildings
and
structures


Cost
At January 1, 2021
$ 6,312,332 $4,186,844
Additions
- 836
Disposals
- -
Transfers (Note)
( 210,082) ( 175,194)
Effect due to changes in
exchange rates
( 5,475)
( 15,102)
(
At March 31, 2021
$ 6,096,775
$3,997,384

Accumulated depreciation and impairment
At January 1
$ 1,582 $ 554,862
Depreciation charge
- 37,853
Disposals
- -
Transfers (Note)
- ( 70,181)
Effect due to changes in
exchange rates
-
( 4,146)
(
At March 31, 2021
$ 1,582
$ 518,388

Closing net book amount as
at March 31 2021
$ 6,095,193
$3,478,996
 Transportation
equipment
Office
equipment
Leasehold
improvements

$ 15,181 $ 564,936 $ 603,531
- 9,859 1,314
- ( 10,808) ( 1,658)
- ( 10,292) -
15)
( 1,272)
( 1,743)
(
$ 15,166
$ 552,423
$ 601,444

$ 11,853 $ 358,147 $ 449,449
236 15,033 28,239
- ( 10,410) ( 1,658)
- ( 7,892) -
13)
( 1,080)
( 1,189)
(
$ 12,076
$ 353,798
$ 474,841

$ 3,090
$ 198,625
$ 126,603
 Others




$ 476,069
4,751
-
7,508
233)
(
$ 488,095

$ 226,280
11,733
-
5,448
274)

$ 243,187

$ 244,908
 Construction in
progress and
equipment to
be tested
Total
$ 3,813 $12,162,706
23,861 40,621
- ( 12,466)
- ( 388,060)
197)
( 24,037)
$ 27,477
$11,778,764
$ - $ 1,602,173
- 93,094
- ( 12,068)
- ( 72,625)
-
( 6,702)
$-
$ 1,603,872
$ 27,477
$10,174,892

At January 1

Depreciation charge

Disposals

Transfers (Note)

Effect due to changes in
exchange rates

At March 31, 2021

Closing net book amount as
at March 31 2021

Note: Property, plant and equipment amounting to $315,435 were transferred to non-current assets classified as held for sale.

~39~

Land
Buildings
and
structures


Cost
At January 1, 2020
$ 2,294,712 $2,080,861
Additions
- 575
Disposals
- ( 581)
Effect due to changes in
exchange rates
( 694)
( 12,650)

At March 31, 2020
$ 2,294,018
$2,068,205

Accumulated depreciation and impairment
At January 1
$ 1,582 $ 640,424
Depreciation charge
- 12,984
Disposals
- -
Effect due to changes in
exchange rates
-
( 2,875)

At March 31, 2020
$ 1,582
$ 650,533

Closing net book amount as
at March 31 2020
$ 2,292,436
$1,417,672
 Transportation
equipment
Office
equipment


$ 12,499 $ 433,590
3,074 3,947
- ( 504)
10
( 1,674)

$ 15,583
$ 435,359

$ 10,935 $ 354,723
356 9,851
- ( 498)
9
( 1,607)
(
$ 11,300
$ 362,469

$ 4,283
$ 72,890
 Leasehold
improvements

$ 640,775
710
-
273

$ 641,758

$ 385,116
29,197
-
448)
(
$ 413,865

$ 227,893
 Others




$ 443,395
7,112
-
1,203

$ 451,710

$ 188,315
10,358
-
189)

$ 198,484

$ 253,226
 Construction in
progress and
equipment to
be tested
Total
$ 1,410,680 $ 7,316,512
4,942,367 4,957,785
- ( 1,085)
-
( 13,532)
$ 6,353,047
$12,259,680
$ - $ 1,581,095
- 62,746
- ( 498)
-
( 5,110)
$-
$ 1,638,233
$ 6,353,047
$10,621,447

At January 1

Depreciation charge

Disposals

Effect due to changes in
exchange rates

At March 31, 2020

Closing net book amount as
at March 31 2020

~40~

  • A. Amount of borrowing costs capitalized as part of property, plant and equipment and the range of the interest rates for such capitalization are as follows:


Amount capitalized

Range of the interest rates for
capitalization
 Three months ended March 31,
2021
2020
$ - $ 712
- 1.07%~1.09%

2021

$ -
-

  • B. Information on property, plant and equipment that were pledged to others as collateral is provided in Note 8.

  • (11) Leasing arrangements-lessee

  • A. The Group leases various assets including buildings, business vehicles and multifunction printers. Rental contracts are made for periods of 1 to 20 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes.

  • B. The carrying amounts of right-of-use assets are as follows:

Transportation Office
Buildings and equipment equipment Other
structures (Business vehicles) (Photocopiers) equipment Total
Cost
At January 1, 2021 $ 2,284,734 $ 85,258 $ 26,925 $ 26,967 $2,423,884
Additions 971,849 10,917 2,153 2,139 987,058
Disposals ( 892,307) ( 5,785) ( 1,071) ( 3,534) ( 902,697)
Effect due to changes in
exchange rates ( 9,410)
72		 ( 5)
-		 ( 9,343)
At March 31, 2021 $ 2,354,866 $ 90,462 $ 28,002 $ 25,572 $2,498,902
Accumulated depreciation
At January 1, 2021 $ 721,155 $ 46,310 $ 16,767 $ 8,958 $ 793,190
Depreciation charge 101,898 11,600 2,263 2,581 118,342
Disposals ( 53,144) ( 5,114) ( 948) ( 3,534) ( 62,740)
Effect due to changes in
exchange rates ( 1,973)
37		 8 ( 3)
( 1,931)
At March 31, 2021 $ 767,936 $ 52,833 $ 18,090 $ 8,002 $ 846,861
Closing net book amount
as at March 31, 2021 $ 1,586,930 $ 37,629 $ 9,912 $ 17,570 $1,652,041

~41~

Buildings and
Transportation
equipment


structures
(Business vehicles)

Cost
At January 1, 2020
$ 1,424,648 $ 88,054
Additions
3,195 2,806
Disposals
( 5,895) ( 4,252)
Effect due to changes in
exchange rates
( 1,142)
( 122)

At March 31, 2020
$ 1,420,806
$ 86,486

Accumulated depreciation
At January 1, 2020
$ 384,410 $ 29,555
Depreciation charge
101,238 9,574
Disposals
( 5,026) ( 3,251)
Effect due to changes in
exchange rates
( 555)
( 55)

At March 31, 2020
$ 480,067
$ 35,823

Closing net book amount
as at March 31, 2020
$ 940,739
$ 50,663
 Office
equipment
Other
(Photocopiers)
equipment
Total
$ 27,594 $ 22,580 $1,562,876
- 44 6,045
- ( 826) ( 10,973)
81
20
( 1,163)
$ 27,675
$ 21,818
$1,556,785
$ 8,424 $ 11,408 $ 433,797
2,109 2,944 115,865
- ( 702) ( 8,979)
27
8
( 575)
$ 10,560
$ 13,658
$ 540,108
$ 17,115
$ 8,160
$1,016,677

  • C. For the three months ended March 31, 2021 and 2020, the additions to right-of-use assets were $987,058 and $6,045, respectively.

  • D. Information on profit or loss in relation to lease contracts is as follows:



Items affecting profit or loss
Interest expense on lease liabilities

Expense on short-term lease contracts

Expense on leases of low-value assets
 Three months ended March 31,
2021
2020
$ 15,887 $ 9,995
3,125 8,507
961 408

2021

$ 15,887
3,125
961
  • E. For the three months ended March 31, 2021 and 2020, the Group’s total cash outflow for leases were $120,371 and $130,647, respectively.

~42~

(12) Investment property

Investment property
Buildings and
Land structures Total
Cost
At January 1, 2021 $ 626,460 $ 1,362,257 $ 1,988,717
Transfers (Note) ( 17,033) ( 8,595) ( 25,628)
Effect due to changes in
exchange rates - ( 6,234)
( 6,234)
At March 31, 2021 $ 609,427 $ 1,347,428 $ 1,956,855
Accumulated depreciation
At January 1, 2021 $ - $ 414,978 $ 414,978
Depreciation charge - 7,551 7,551
Transfers (Note) - ( 3,044) ( 3,044)
Effect due to changes in
exchange rates - ( 1,416)
( 1,416)
At March 31, 2021 $ - $ 418,069 $ 418,069
Closing net book amount as at
March 31, 2021		 $ 609,427 $ 929,359 $ 1,538,786
Buildings and
Land structures Total
Cost
At January 1, 2020 $ 338,690 $ 929,231 $ 1,267,921
Additions - - -
Effect due to changes in
exchange rates - ( 9,442)
( 9,442)
At March 31, 2020 $ 338,690 $ 919,789 $ 1,258,479
Accumulated depreciation
At January 1, 2020 $ - $ 207,806 $ 207,806
Depreciation charge - 5,514 5,514
Effect due to changes in
exchange rates - ( 1,918)
( 1,918)
At March 31, 2020 $ - $ 211,402 $ 211,402
Closing net book amount as at
March 31, 2020		 $ 338,690 $ 708,387 $ 1,047,077

Note: Investment properties amounting to $22,584 were transferred to non-current assets classified as held for sale.

A. Rental income from investment property and direct operating expenses arising from the investment property are shown below:

investment property are shown below:


Rental revenue from investment property		 Three months ended March 31,

2021

$ 11,668
2020
$ 8,895

~43~



Direct operating expenses arising from the
investment property that generated rental
income during the period

Direct operating expenses arising from the
investment property that did not generate
rental income during the period
 Three months ended March 31, Three months ended March 31,

2021

$ 4,140

$ 3,411
2020
$ 3,881
$ 1,633
  • B. The fair value of the investment property held by the Group as of March 31, 2021, December 31, 2020 and March 31, 2020 was $2,441,839, $2,504,682 and $1,872,207, respectively. The fair value as of March 31, 2021, December 31, 2020 and March 31, 2020 was based on independent appraisers’ valuation, which was made using comparative method and income approach. Comparison method is to compare the valuation target with similar property which is traded around the valuation period. Comparison method is categorized within Level 3 in the fair value hierarchy. Valuations were made using the income approach with key assumptions as follows:

Discount rate

Growth rate

Gross margin
 March 31, 2021
2%~7.5%
0%~5%
1.87%~2.65%		 December 31, 2020

1.91%~7.5%
0%~5%
1.19%~3.17%		 March 31, 2020
2.35%~2.75%
0%~1%
1.2%~3.2%
  • C. There is no impairment loss on investment property.

D. For investment property pledged for guarantee, please refer to Note 8.

(13) Intangible assets

Intangible assets
Operating right
Software
Goodwill

Cost
At January 1, 2021
$ 273,855 $ 397,472 $ 5,590,438
Acquired separately
- 1,891 -
Disposals
- ( 6,360) ( 31,493)
Effect due to changes in
exchange rates
502
( 726)
305

At March 31, 2021
$ 274,357
$ 392,277
$ 5,559,250

Accumulated amortization and impairment
At January 1, 2021
$ 273,855 $ 262,180 $ 63,897
Amortization charge
- 15,006 -
Disposals
- ( 12) ( 31,493)
Effect due to changes in
exchange rates
502
( 592)
( 61)

At March 31, 2021
$ 274,357
$ 276,582
$ 32,343

Closing net book amount as at
March 31, 2021
$-
$ 115,695
$ 5,526,907
 Others
Total
$ 39,018 $6,300,783
- 1,891
- ( 37,853)
67
148
$ 39,085
$6,264,969
$ 39,018 $ 638,950
- 15,006
- ( 31,505)
67
( 84)
$ 39,085
$ 622,367
$-
$5,642,602

At January 1, 2021

Amortization charge

Disposals

Effect due to changes in
exchange rates

At March 31, 2021

Closing net book amount as at
March 31, 2021

~44~

Operating right

Cost
At January 1, 2020
$ 287,532
Acquired separately
-
Effect due to changes in
exchange rates
2,234
(
At March 31, 2020
$ 289,766

Accumulated amortization and impairment
At January 1, 2020
$ 287,532
Amortization charge
-
Effect due to changes in
exchange rates
2,234
(
At March 31, 2020
$ 289,766

Closing net book amount as at
March 31, 2020
$-
 Software

$ 250,053
128,180
878)

$ 377,355

$ 217,795
14,901
714)

$ 231,982

$ 145,373
 Goodwill

$ 5,658,880
-
2,633

$ 5,661,513

$ 122,345
-
1,001

$ 123,346

$ 5,538,167
 Others

$ 64,820
-
493

$ 65,313

$ 64,762
-
492

$ 65,254

$ 59
 Total
$6,261,285
128,180
4,482
$6,393,947
$ 692,434
14,901
3,013
$ 710,348
$5,683,599

At January 1, 2020

Amortization charge

Effect due to changes in
exchange rates

At March 31, 2020

Closing net book amount as at
March 31, 2020

The details of amortization charge are as follows:

The details of amortization charge are as follows:


Selling and marketing expenses

General and administrative expenses

 Three months ended March 31,
2021
2020
$ 1,537 $ 913
13,469
13,988
$ 15,006
$ 14,901

2021

$ 1,537
13,469

$ 15,006
  • A. Goodwill is allocated as follows to the Group’s cash-generating units identified according to operating segment:

Yosun subgroup

World Peace subgroup

Others

 March 31, 2021
$ 3,636,876
1,645,748
244,283

$ 5,526,907
 December 31, 2020

$ 3,636,575
1,645,683
244,283

$ 5,526,541
 March 31, 2020
$ 3,646,134
1,647,750
244,283
$ 5,538,167

B. Goodwill is allocated to the Group’s cash-generating units identified according to operating segment. The recoverable amount of all cash-generating units has been determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on financial budgets approved by the management.

Management determined budgeted gross margin based on past performance and its expectations of market development. The assumptions used for weighted average growth rates are based on past historical experience and expectations of the industry; the assumption used for discount rate is the weighted average capital cost of the Group. The assumption used for discount rate is the weighted average capital cost of each cash-generating unit. As of March 31, 2021, December 31, 2020 and March 31, 2020, the adopted pre-tax discount rates were 2.88%~7.09%, 2.88%~6.35% and 5.73%~6.44%, respectively.

~45~

C. There is no impairment loss on intangible assets.

(14) Prepayments for investments

Prepayments for investments Prepayments for investments
March 31, 2021
December 31, 2020

Prepayments for investments
$ 31,050
$ 31,050

Overdue receivables (shown as‘other non-current assets’)
March 31, 2021
December 31, 2020

Overdue receivables
$ 987,630 $ 978,510
Less: Allowance for doubtful
accounts
( 981,259)
( 971,636)
(
$ 6,371
$ 6,874
 March 31, 2020
$-
March 31, 2020
$ 944,891
938,969)
$ 5,922


Overdue receivables

Less: Allowance for doubtful
accounts
(
 March 31, 2021
$ 987,630
981,259)
(
$ 6,371

(15) Overdue receivables (shown as ‘other non-current assets’)

Movement analysis of financial assets that were impaired is as follows:

2021 2020
Individual provision Individual provision
At January 1 $ 971,636 $ 946,395
Provision for (reversal of) impairment 8,200 ( 14,374)
Write-off of bad debts ( 72) -
Transferred from accounts receivable 42,090 371
Effect due to changes in exchange rates ( 40,595) 6,577
At March 31 $ 981,259 $ 938,969

(16) Short-term borrowings

Type of borrowings

Loans for overseas purchases

Short-term loans


Annual interest rates
 March 31, 2021
$ 24,503,797
48,116,125

$ 72,619,922

0.6%~6.7%
 December 31, 2020

$ 14,815,186
44,225,361

$ 59,040,547

0.65%~7.8%
 March 31, 2020
$ 44,244,869
20,673,193
$ 64,918,062
0.95%~4.59%

For information on pledged assets, please refer to Note 8.

(17) Short-term notes and bills payable


Commercial papers payable

Less: Unamortized discount
(

Annual interest rates
 March 31, 2021
December 31, 2020

$ 5,100,000 $ 4,945,000
5,075)
( 3,495)
(
$ 5,094,925
$ 4,941,505

0.23%~1.19%
0.23%~1.19%
 March 31, 2020
$ 5,940,000
3,784)
$ 5,936,216
0.50%~1.16%

The abovementioned short-term notes and bills payable are guaranteed by financial institutions.

~46~

- (18) Long term borrowings

Long-term borrowings
Borrowing
period /
Type of borrowings repayment term March 31, 2021 December 31, 2020 March 31, 2020
Secured bank borrowings 2020.03.31~
(Notes 1 and 4) 2040.04.30 $ 5,560,000 $ 5,569,088 $ 4,927,173
Unsecured bank borrowings
2019.07.10~
(Notes 2, 3, 5~8 and 2026.03.31
10~14) 14,487,779 8,779,622 12,076,000
Commercial paper payable 2018.11.09~
(Notes 6, 9 and 10) 2023.09.04 9,750,000 10,750,000 7,300,000
29,797,779 25,098,710 24,303,173
Less: Discount on long-term borrowings ( 34,585) ( 35,215) ( 17,560)
Current portion of long-term
borrowings (shown as ‘other current
liabilities’) ( 6,413,485)
( 6,420,258)
( 7,684,062)
$ 23,349,709 $ 18,643,237 $ 16,601,551
Interest rate range 0.55%~2.27% 0.56%~3.49% 1.15%~3.54%

For information on pledged assets, please refer to Note 8.

  • Note 1: (a) The Company had entered into a long-term agreement for twenty years with a financial institution. The pledged assets are the Nangang new buildings with a grace period of three years. The principal shall be repaid in equal monthly installments starting from April 2023.

  • (b) The interest rate is the index interest rate plus 0.34% from the borrowing day to March 31, 2022, and from March 31, 2022 onwards, the interest rate shall be the index rate plus 0.45%.

  • Note 2: The Company had entered into a long-term agreement for three years with a financial institution. The borrowing is payable in full at maturity in March 2023. The fixed interest rate is 1.43% from the borrowing day to March 10, 2022, and subsequently, the interest rate shall be the index interest rate plus 0.68% every three months from March 10, 2022.

  • Note 3: The Company had entered into a mid-term agreement for five years with a financial institution. The interest rate shall be the index interest rate plus 0.45% from the borrowing day. The principal should be paid in equal month installments starting from October 2020.

  • Note 4: AIT Japan Inc., the Company’s indirect subsidiary, had entered into a long-term loan agreement for a period of ten years with the Daiwa Bank, Limited on March 28, 2012, and the facility is JPY 250,000,000. The pledged assets are land and office in Tokyo, which amount to $69,545 and $62,365, respectively. The principal should be repaid in equal monthly installments (totaling 114 months) of JPY 2,193,000 from October 31, 2012 and the last monthly installment will be JPY 2,191,000.

AIT Japan Inc., an indirect subsidiary, has settled all payments on January 18, 2021.

~47~

  • Note 5: Asian Information Technology Inc. and Frontek Technology Corporation, an indirect subsidiary, entered into a two-year borrowing contract with Yuanta Commercial Bank in December 2018 in the amount of $300,000. The interest is repayable monthly, the principal is payable in full at maturity and the borrowings could be used and repaid any time during the valid period.

  • Asian Information Technology Inc. and Frontek Technology Corporation, an indirect subsidiary, have settled all payments on September 24, 2020 and November 3, 2020, respectively.

  • Note 6: Silicon Application Corporation had entered into a syndicated borrowing agreement with Chang Hwa Commercial Bank and other financial institutions on June 9, 2020. The terms and conditions of the contract were as follows:

  • (a) Contract term: Within three years from the first drawdown.

  • (b) Facility and drawdown: The facility is $2,600,000, could be multiple drawdowns or revolving, however, the total amount at any time cannot exceed the facility amount.

  • (c) Repayment: For each drawdown, the principal and the interest payable must be repaid in full at the end of that specific drawdown’s term. At the end of the contract term, the principal, interest payable and any related expense of each drawdown must be repaid in full.

  • (d) Loan covenant: During the contract term, Silicon Application Corporation is required to maintain financial ratios as follows: the liquidity ratio should not be less than 100%, debt ratio should not be higher than 260%, time interest earned ratio should not be less than 2.5 and net value (net assets less intangible assets) should be maintained at or above $3,000,000.

Silicon Application Corporation met all the financial commitments stated in the contract.

  • Note 7: Silicon Application Corporation had entered into a syndicated borrowing agreement with Bank of Taiwan and other financial institutions on May 16, 2017. The terms and conditions of the contract were as follows:

  • (a) Contract term: Within three years from the first drawdown.

  • (b) Facility and drawdown: The facility is $2,600,000, could be multiple drawdowns or revolving, however, the total amount at any time cannot exceed the facility amount.

  • (c) Repayment: For each drawdown, the principal and the interest payable must be repaid in full at the end of that specific drawdown’s term. At the end of the contract term, the principal, interest payable and any related expense of each drawdown must be repaid in full.

  • (d) Loan covenant: During the contract term, Silicon Application Corporation is required to maintain financial ratios as follows: the liquidity ratio should not be less than 100%, debt ratio should not be higher than 220%, time interest earned

~48~

ratio should not be less than 3 and net value (net assets less intangible assets) should be maintained at or above $3,000,000.

Silicon Application Corporation met all the financial commitments stated in the contract.

  • Note 8: World Peace Industrial Co., Ltd. (WPI), the Company’s subsidiary, had entered into a syndicated borrowing agreement with Hua Nan Commercial Bank, Mizuho Corporate Bank, E. SUN Commercial Bank, Taiwan Cooperative Bank, Chang Hwa Commercial Bank, Far Eastern International Bank and other financial institutions on August 31, 2017. The terms and conditions of the contract were as follows:

  • (a) Contract term: Within three years from the first drawdown.

  • (b) Facility and drawdown: The facility must be less than $7,200,000. Each drawdown amount must be no less than $100,000 or USD 3 million. The repayment period of NTD borrowing could be 30 days at the least and 180 days at the most; the repayment period of USD borrowing could be one month at the least and six months at the most.

  • (c) Repayment: For each drawdown, the principal and interest must be repaid in full at the end of each drawdown’s term. For re-utilization of the revolving loan after maturity date, application should be submitted to the lead bank five days before the maturity date. Based on the credit term in the contract, all or part of the loan will be re-utilized. If the amount of drawdown is the same as the last time, the syndicate of banks would not make an additional procedure of remittance and loan, as if the borrower has actually received the loan, and uses the loan contract as proof of receipt.

  • (d) Loan covenant: World Peace Industrial Co., Ltd. is required to maintain certain financial ratios based on semi-annual and annual consolidated financial statements during the contract period as follows: liquidity ratio should not be less than 100%, debt ratio should not be higher than 250%, time interest earned ratio should not be less than 2.5 and net value (net assets less intangible assets) should not be less than $10,000,000.

  • The aforementioned contract matured in September 2020. World Peace Industrial Co., Ltd. met all the financial commitments stated in the contract during the contract period.

  • Note 9: World Peace Industrial Co., Ltd. (WPI), the Company’s subsidiary, had entered into a financing agreement with E. SUN Commercial Bank, Mizuho Corporate Bank and Cathay United Bank and other financial institutions on October 16, 2018. WPI has to roll over commercial papers and re-utilize the loan during the contract period, up to 2021, with the maximum maturity period of 6 months for each issue as stipulated in the agreement. Therefore, borrowings of WPI were classified as long-term borrowings. The terms and conditions of the contract are as follows:

  • (a) Contract term: Within three years from the first drawdown.

~49~

  • (b) Facility and drawdown: The facility must be less than $10,000,000.

  • i. Each drawdown amount must not be less than $100,000 or USD 3 million. Based on the credit term in the contract, the loan can be re-utilized. The repayment period could be one or six months: One month at the least and six months at the most. Each maturity date shall be within the contract term.

  • ii. During the term of agreement, WPI can roll over each credit facility within the total revolving credit facility of commercial papers amounting to $8,000,000 at 60, 90, 120, 180 days maturity or the days agreed by the lead bank and the Company with a limit of 180 days and each maturity date shall be within the contract term.

  • (c) Repayment:

  • i. For each drawdown, the principal and interest must be repaid in full at the end of each drawdown’s term. For re-utilization of the revolving loan after maturity date, application should be submitted to the lead bank five days before the maturity date. Based on the credit term in the contract, all or part of the loan will be re-utilized. If the amount of drawdown is the same as the last time, the syndicate of banks would not make an additional procedure of remittance and loan, as if the borrower has actually received the loan, and uses the loan contract as proof of receipt.

  • ii. When the commercial papers mature, the borrower shall deposit available funds at face value on the maturity date to an account designated by clearing and settlement institutions immediately in line with Regulations Governing Centralized Securities Depository Enterprises.

  • (d) Loan covenant: WPI is required to maintain certain financial ratios based on annual consolidated financial statements during the contract period as follows: liquidity ratio should not be less than 100%, debt ratio should not be higher than 250%, time interest earned ratio should not be less than 2.5 and net value (net assets less intangible assets) should not be less than $10,000,000. If the covenants are not met, right to drawdown is immediately terminated, and the lead bank can decide to take the following actions:

  • i. Rescind part or all of the undrawn facility;

  • ii. Request WPI to immediately repay all drawn principals, interest payable and other related payables as specified in the contract;

  • iii. Demand the borrower to deposit the amounts that are equivalent to undischarged guaranteed obligations for drawdown facility of issued commercial papers under the agreement and (or) outstanding guarantees as reserve into the account designated by the bank consortium immediately;

  • iv. Demand all rights of the promissory note obtained from signing of the contract.

~50~

World Peace Industrial Co., Ltd. met all the financial commitments stated in the contract.

  • Note 10: World Peace Industrial Co., Ltd. (WPI), the Company’s subsidiary, had entered into a long-term loan agreement with Taiwan Cooperative Bank on August 18, 2020. The terms and conditions of the contract were as follows:

  • (a) Contract term: Within three years from the first drawdown.

  • (b) Facility and drawdown: The consolidated drawdown rate of the WPI’s facility of $10,000,000 and the facility of WPI International (Hong Kong) Limited of US$200 million shall be maintained at 40%, and the loan can be re-utilized based on the credit term in the contract.

    • i. Each drawdown amount must not be less than $50,000 or USD 1.5 million, and the amount more than $50,000 or USD 1.5 million shall be an integral multiple of $10,000 or USD 1 million or shall be the available facility during the credit period, but not available for the amount approved by the lead bank. The repayment period can be one, two, three, four, five or six month(s). However, each maturity date shall be within the contract term.

    • ii. The facility of commercial papers is $7,500,000. Each drawdown amount must not be less than $50,000, and the amount more than $50,000 shall be an integral multiple of $10,000 or shall be the available facility during the credit period, but not available for the amount approved by the lead bank. The issuance period for each drawdown can be 30, 60 and 90 days maturity or the days agreed by the lead bank and WPI with a limit of 180 days. However, each maturity date shall be within the contract term.

  • (c) Repayment:

    • i. For each drawdown, the principal and interest must be repaid in full at the end of each drawdown’s term. For re-utilization of the revolving loan after maturity date, application should be submitted to the lead bank five days before the maturity date. Based on the credit term in the contract, all or part of the loan will be re-utilized. If the amount of drawdown is the same as the last time, the syndicate of banks would not make an additional procedure of remittance and loan, as if the borrower has actually received the loan, and uses the loan contract as proof of receipt.

    • ii. When the commercial papers mature, the borrower shall settle the commercial papers at face value.

  • (d) Loan covenant: WPI is required to maintain certain financial ratios based on annual consolidated financial statements during the contract period as follows: liquidity ratio should not be less than 100%, debt ratio should not be higher than 250%, time interest earned ratio should not be less than 2.5 and net value (net assets less intangible assets) should not be less than $10,000,000. If the covenants are not met, right to drawdown is immediately terminated, and the

~51~

following actions will be taken based on the resolution made by majority syndicated banks: 

  - i. Rescind part or all of the undrawn facility;

  - ii. Request WPI to immediately repay all drawn principals, interest payable and other related payables as specified in the contract;

  - iii. Demand the borrower to deposit the amounts that are equivalent to undischarged guaranteed obligations for drawdown facility of issued commercial papers under the agreement and (or) outstanding guarantees as reserve into the account designated by the bank consortium immediately;

  - iv. Demand all rights of the promissory note obtained from signing of the contract.

  - World Peace Industrial Co., Ltd. met all the financial commitments stated in the contract.

  • Note 11: World Peace Industrial Co., Ltd. (WPI), the Company’s subsidiary, had entered into a financing agreement with DBS Bank on July 24, 2020. The terms and conditions of the contract were as follows:

  • (a) Contract term: Within three years from the first drawdown.

  • (b) Facility and drawdown: The facility must be less than USD 100 million.

  • (c) Repayment: For each drawdown, the principal and interest must be repaid in full at the end of each drawdown’s term.

  • Note 12: On June 12, 2017, WPG Korea Co., Ltd. entered into a long-term loan agreement with Kookmin Bank for a loan of KRW 2 billion until March 15, 2020. The principal is payable in 10 quarterly installments of KRW 200 million each starting from December 15, 2017. The interest is payable quarterly.

  • Note 13: On June 12, 2017, WPG Korea Co., Ltd. entered into a long-term loan agreement with Kookmin Bank for a loan of KRW 1 billion until June 15, 2020. The principal is payable in 10 quarterly installments of KRW 100 million each starting from March 15, 2018. The interest is payable quarterly.

  • Note 14: On July 10, 2019, WPG Korea Co., Ltd. entered into a long-term loan agreement with Kookmin Bank for a loan of KRW 3 billion until June 15, 2022. The principal is payable in 10 quarterly installments of KRW 300 million each starting from March 15, 2020. The interest is payable quarterly.

(19) Other current liabilities


Long-term borrowings-current
portion

Refund liabilities

Contract liabilities

Others

 March 31, 2021
$ 6,413,485
3,595,079
285,552
583,557

$ 10,877,673
 December 31, 2020

$ 6,420,258
3,552,271
159,457
346,648

$ 10,478,634
 March 31, 2020
$ 7,684,062
4,472,589
603,432
470,487
$ 13,230,570

~52~

  • A. Refund liabilities were generated from sales discounts which is shown as ‘other current liabilities’.

  • B. Contract liabilities were generated from advance sales receipts which is shown as ‘other current liabilities’.

  • (20) Pensions

  • A. Defined benefit plans

    • (a) The Company and its domestic subsidiaries have a defined benefit pension plan in accordance with the Labor Standards Law, covering all regular employees’ service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company and its domestic subsidiaries contribute monthly an amount equal to 2% of the employees’ monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company and its domestic subsidiaries would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is not enough to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company and its domestic subsidiaries will make contribution for the deficit by next March. Effective January 1, 2010, the Company and certain subsidiaries have funded defined benefit pension plans in accordance with the “Regulations on pensions of managers”, covering all managers appointed by the Company. Under the defined benefit pension plan, one unit is accrued for each year of service, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the remuneration per unit ratified during the appointed period.

    • (b) For the aforementioned pension plan, the Group recognized pension costs of $2,441 and $3,834 for the three months ended March 31, 2021 and 2020, respectively.

    • (c) Expected contributions to the defined benefit pension plans of the Group for the year ending December 31, 2022 are $18,831.

  • B. Defined contribution plans

    • (a) Effective July 1, 2005, the Company and its domestic subsidiaries have established a defined contribution pension plan (the “New Plan”) under the Labor Pension Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company and its domestic subsidiaries contribute monthly an amount based on not

~53~

less than 6% of the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment. 

  - (b) Other overseas companies have defined contribution plans. Contributions for pensions and retirement allowance to independent fund administered by the government in accordance with the local pension regulations are based on a certain percentage of employees’ monthly salaries and wages. Other than the monthly contributions, the companies have no further obligations.

  - (c) The pension costs of the Group under the defined contribution pension plans for the three months ended March 31, 2021 and 2020 were $90,857 and $72,679, respectively.

  • (21) Share capital

  • A. The Company’s authorized capital was $25,000,000, of which certain shares can be issued as preference shares. The above authorized capital include $500,000 reserved for employee stock option certificates, restricted stocks to employees, convertible preferred stock and convertible bonds. As of March 31, 2021, the paid-in capital was $18,790,568 with a par value of $10 (in dollars) per share. All proceeds from shares issued have been collected.

  • B. Movements in the number of the Company’s ordinary shares outstanding (in thousands of shares) for the three months ended March 31, 2021 and 2020 are as follows:


At January 1 and March 31
 2021

1,679,057
 2020
1,679,057

  • C. On June 28, 2019, the Board of Directors resolved to increase its capital by issuing 200 million shares of Class A preferred stocks at the price of $50 (in dollars) per share with the effective date set on September 18, 2019 for repayment of borrowings to financial institutions and strengthening the Company’s working capital. The registration of issuance has been completed on October 3, 2019. The rights and obligations of the issuance are as follows:

  • (a) Expiration date: The Company’s Class A preferred stocks are perpetual but all or certain parts are callable at any time from the next day of five years after issuance at the actual issue price.

  • (b) Dividends: Dividends are calculated at 4% (five-year IRS rate: 0.605%+3.395%) per annum based on the issue price per share. The five-year IRS rate will be reset on the next business day of five years since issuance and every subsequent five years and the pricing effective date for rate reset is two Taipei financial industry business days prior to the IRS rate reset date. The rate index, five-year IRS rate, is the arithmetic mean of five-year IRS rates appearing on Reuters pages “TAIFXIRS” and “COSMOS3” at 11:00 a.m. (Taipei time) on the relevant pricing effective date of rate reset. If such rate

~54~

cannot be obtained, the Company will determine the rate based on the reasonable market price with good faith.

  • (c) Dividend distribution: Dividends are distributed once per year in the form of cash. The current year’s earnings, if any, shall first be used to pay all taxes and offset prior years’ operating losses and then shall be set aside as legal reserve in accordance with the Articles of Incorporation and set aside as or reversed special reserve in accordance with the Articles of Incorporation or regulations of regulatory authority. The remaining amount, if any, shall be preferentially distributed as dividends of Class A preferred stocks.

    • The Company has discretion in dividend distribution of Class A preferred stocks. The Company could choose not to distribute dividends of preferred stocks when resolved by the stockholders, which would not be able to lead to default if the Company has no or has insufficient current year’s earnings for distribution or has other necessary considerations. In addition, the amounts of undistributed dividends or insufficient distributed dividends will not become deferred payments in future years when the Company has earnings.

  • (d) Excess dividend distribution: Besides the aforementioned dividends, the stockholders of Class A preferred stocks could not participate in the distribution of cash and capitalized assets for common stocks derived from earnings and capital surplus.

  • (e) Residual property distribution: The stockholders of Class A preferred stocks have priority over stockholders of common stocks in distributing the Company’s residual property but the limit is the amount calculated by shares of outstanding preferred stocks issued and the issue price when distributing.

  • (f) Right to vote and be elected: The stockholders of Class A preferred stocks have no right to vote and be elected in the stockholders’ meeting of the Company but have right to vote in the stockholders’ meeting for stockholders of Class A preferred stocks only and stockholders’ meeting regarding unfavourable matters to rights and obligations of stockholders of Class A preferred stocks.

  • (g) Conversion to common stocks: Class A preferred stocks could not be converted to common stocks and the stockholders of Class A preferred stocks could not request the Company to retire the preferred stocks they held.

  • (h) The preemptive rights for stockholders of Class A preferred stocks are the same as of common stocks when the Company increases its capital by issuing new shares.

  • D. On September 18, 2020, the Board of Directors of the Company resolved to increase its capital by issuing series B preference shares, and the issuance price is tentatively set at NT$50 per share, and the expected total issuance amounted to $5,000,000. The capital increase was approved by the FSC on October 21, 2020. However, in consideration of preference shares’ capital market and the Company’s overall maximum benefits, the Board of Directors of WPG Holdings Limited resolved to revoke and cancel the proposed capital

~55~

increase of series B preference shares. The cancellation was approved by the FSC on April 6, 2021.

(22) Capital surplus

  • A. Pursuant to the R.O.C. Company Law, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires that the amount of capital surplus to be capitalized as mentioned above should not exceed 10% of the paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

  • B. Details of capital surplus - stock options are as follows:





January 1

Changes in equity of
associates and joint
ventures accounted
for using the equity
method

March 31





January 1 (March 31)
 2021 2021
Total
$ 28,848,733
38,506)
$ 28,810,227

Total
$ 27,456,298
Common
stock share


premium

$19,387,285
-

$19,387,285

 Preferred
stock share

premium

$ 7,994,638
-

$ 7,994,638

 Recognized
Treasury
share
changes in
subsidiaries’


transaction
equity

$ 45,177 $ 431
-
-
(
$ 45,177
$ 431

2020		 Changes in
associates’
net equity

$ 1,421,202
38,506)
(
$ 1,382,696
Common
stock share


premium

$19,387,285
 Preferred
stock share

premium

$ 7,994,638
Treasury
share


transaction

$ 45,177
 Recognized
changes in
subsidiaries’


equity

$ 431
 Changes in
associates’
net equity

$ 28,767

(23) Retained earnings

  • A. Under the Company’s Articles of Incorporation, the current year’s earnings, if any, shall be used to set aside as legal reserve, and set aside as special reserve in accordance with Article 41 of Securities and Exchange Act. The remainder, if any, to be appropriated shall be proposed by the Board of Directors. If cash dividends are distributed, they shall account for at least 20% of the total dividends distributed.

  • Employees of the Company’s subsidiaries are entitled to receive the distribution of earnings. The terms shall be defined by the Board of Directors.

  • B. Legal reserve can only be used to cover accumulated losses or issue new shares or cash to shareholders in proportion to their share ownership, provided that the balance of the reserve exceeds 25% of the Company’s paid-in capital.

  • C. In accordance with the regulations, the Company shall set aside special reserve from the debit balance on other equity items at the balance sheet date before distributing earnings. When debit balance on other equity items is reversed subsequently, the reversed amount

~56~

could be included in the distributable earnings.

  • D. On April 27, 2021, the Board of Directors proposed the distribution of 2020 retained earnings and on June 24, 2020, the shareholders during their meeting resolved the distribution of 2019 retained earnings as follows:



Legal reserve

Provision for
special reserve

Cash dividends

Cash dividends of
preference stock
Year ended December 31
2020
2019
Amount
Dividend
per share
(in dollars)
Amount
Dividend
per share
(in dollars)
$ 816,223 $ - $ 646,344 $ -
3,412,100 - 2,818,012 -
5,205,076 3.10 4,029,736 2.40
400,000
2.00115,068
0.58
$ 9,833,399
$ 7,609,160		 Year ended December 31
2020
2019
Amount
Dividend
per share
(in dollars)
Amount
Dividend
per share
(in dollars)
$ 816,223 $ - $ 646,344 $ -
3,412,100 - 2,818,012 -
5,205,076 3.10 4,029,736 2.40
400,000
2.00115,068
0.58
$ 9,833,399
$ 7,609,160
2020

Amount
Dividend
per share
(in dollars)

$ 816,223 $ -
3,412,100 -
5,205,076 3.10
400,000
2.00
$ 9,833,399
Amount
$ 816,223
3,412,100
5,205,076
400,000
$ 9,833,399		 Amount
$ 646,344
2,818,012
4,029,736
115,068
$ 7,609,160

The above appropriations of earnings for 2019 as resolved by the shareholders are the same with the amounts resolved by the Board of Directors.

  • E. As of May 11, 2021, the appropriation of earnings for the year ended December 31, 2020 has not yet been resolved by the shareholders.

  • F. For the information relating to employees’ compensation and directors’ remuneration, please refer to Note 6(31).

(24) Other equity items

2021

2021
Investments at
fair value through
comprehensive Currency
income translation Total
At January 1 $ 1,854,371 ($ 10,687,165) ($ 8,832,794)
Revaluation-gross 188,908 - 188,908
Revaluation-associates ( 250,510) - ( 250,510)
Revaluation transferred to
retained earnings-associates ( 5,810) - ( 5,810)
Cumulative translation
differences:
- Group - 61,206 61,206
- Tax on Group - ( 51) ( 51)
- Associates - ( 2,426)
( 2,426)
At March 31 $ 1,786,959 ($ 10,628,436)
($ 8,841,477)

~57~

2020

2020
Investments at
fair value through
comprehensive Currency
income translation Total
At January 1 ($ 6,000) ($ 5,414,694) ($ 5,420,694)
Revaluation-associates ( 69,088) - ( 69,088)
Cumulative translation
differences:
- Group - 319,775 319,775
- Tax on Group - ( 572) ( 572)
- Associates - ( 25,848)
( 25,848)
At March 31 ($ 75,088)
($ 5,121,339)
($ 5,196,427)

(25) Operating revenue

Operating revenue
Three months ended March 31,
2021 2020
Revenue from contracts with customers $ 177,114,909 $ 131,044,575
Disaggregation of revenue from contracts with customers

The Group derives revenue from the transfer of goods and services at a point in time in the following major product lines:

following major product lines:


Core components

Analog IC and mixed signal components

Discrete IC, logic IC

Memory

Optical components

Passive connector and magnetic components

Others


Interest income


Interest income from bank deposits

Interest income from financial assets measured
at amortized cost


Other income


Rental revenue

Dividend income

Other income

 Three months ended March 31,
2021
2020
$ 52,498,968 $ 40,808,003
17,587,200 24,729,058
24,529,193 17,240,294
49,960,181 29,339,294
20,019,855 9,873,074
9,240,641 5,776,873
3,278,871
3,277,979
$ 177,114,909
$ 131,044,575
Three months ended March 31,
2021
2020
$ 4,493 $ 10,848
515
383
$ 5,008
$ 11,231
Three months ended March 31,
2021
2020
$ 13,212 $ 10,351
204 -
41,597
29,561
$ 55,013
$ 39,912

2021

$ 13,212
204
41,597

$ 55,013

(26) Interest income

(27) Other income

~58~

(28) Other gains and losses

Other gains and losses
Three months ended March 31,
2021 2020
Loss on disposal of property, plant and
equipment ($ 297) ($ 11)
Loss on disposal of investments ( 1,325) -
Currency exchange (loss) gain ( 40,426) 244,702
Gain on financial assets and liabilities at fair
value through profit or loss 43,981 2,795
Gain arising from lease modifications 31,878 154
Depreciation on investment property ( 7,551) ( 5,514)
Other losses ( 1,197)
( 17,711)
$ 25,063 $ 224,415

(29) Finance costs



Interest expense:
Bank borrowings

Less: Capitalization of qualifying assets

Others

 Three months ended March 31,
2021
2020
$ 342,412 $ 530,946
- ( 712)
97,658
55,677
$ 440,070
$ 585,911

(30) Additional information of expenses by nature

Additional information of expenses by nature


Employee benefit expense

Depreciation charges
Property, plant and equipment

Investment property

Right-of-use assets


Amortization charges on intangible assets
 Three months ended March 31,
2021
2020
$ 2,123,888
$ 1,911,151
$ 93,094 $ 62,746
7,551 5,514
118,342
115,865
$ 218,987
$ 184,125
$ 15,006
$ 14,901

2021

$ 2,123,888

$ 93,094
7,551
118,342

$ 218,987

$ 15,006

(31) Employee benefit expense

Employee benefit expense


Wages and salaries

Directors’ remuneration

Labor and health insurance fees

Pension costs

Other personnel expenses

 Three months ended March 31,
2021
2020
$ 1,844,491 $ 1,665,833
12,875 9,531
93,409 84,546
93,298 76,513
79,815
74,728
$ 2,123,888
$ 1,911,151

2021

$ 1,844,491
12,875
93,409
93,298
79,815

$ 2,123,888

~59~

  • A. According to the Articles of Incorporation of the Company, a ratio of profit of the current year distributable, after covering accumulated losses, shall be distributed as employees’ compensation and directors’ remuneration. The ratio shall be between 0.01% ~5% for employees’ compensation and shall not be higher than 3% for directors’ remuneration.

  • B. The Company has established the audit committee, therefore, there was no remuneration paid to supervisors for the three months ended March 31, 2021 and 2020.

  • C. For the three months ended March 31, 2021 and 2020, employees’ compensation was accrued at $13,431 and $7,463, respectively; while directors’ remuneration was accrued at $10,375 and $8,750, respectively. The aforementioned amounts were recognized in salary

expenses.

The employees’ compensation and directors’ remuneration were estimated and accrued based on the profit of current year distributable for the year ended December 31, 2020, and the percentage as prescribed by the Company’s Articles of Incorporation.

For 2020, the employees’ compensation and directors’ remuneration resolved by the Board of Directors during its meeting on April 27, 2021 amounted to $42,600 and $47,694, respectively, and the employees’ compensation and directors’ remuneration recognized in the 2020 financial statements amounted to $39,850 and $47,825, respectively. The difference of $2,750 and $131 between the amounts resolved by the Board of Directors and the amounts recognized in the 2020 financial statements, mainly resulting from the increase in employees’ compensation, and decrease in directors’ remuneration, had been adjusted in profit or loss in the second quarter of 2021. The employees’ compensation was distributed in the form of cash.

  • D. Information about employees’ compensation and directors’ remuneration of the Company as resolved by the Board of Directors and shareholders will be posted in the “Market Observation Post System” at the website of the Taiwan Stock Exchange.

  • (32) Income tax

  • A. Income tax expense

    • (a) Components of income tax expense:
tax
me tax expense
Components of income tax expense:


Current tax
Current tax on profits for the period

Prior year income tax over estimation(
Total current tax

Deferred tax
Origination and reversal of temporary
differences

Total deferred tax

Income tax expense
 Three months ended March 31,
2021
2020
$ 514,765 $ 370,105
62)
( 43,580)
514,703
326,525
9,395
13,051
9,395
13,051
$ 524,098
$ 339,576

2021

$ 514,765
62)
(
514,703

9,395

9,395

$ 524,098

~60~

  • (b) The income tax (charge)/credit relating to components of other comprehensive loss (income) is as follows:
(income) is as follows:


Currency translation differences
 Three months ended March 31,

2021

$ 51
2020
$ 572
  • B. As of May 11, 2021, the Company’s income tax returns through 2016 have been assessed and approved by the Tax Authority.

(33) Earnings per share

Earnings per share
Three months ended March 31, 2021
Amount after tax
Weighted average
number of ordinary
shares outstanding
(shares in thousands)
Earnings per
share
(in dollars)
Basic earnings per share
Profit attributable to ordinary
shareholders of the parent
$ 2,419,128
1,679,057
$ 1.44
Diluted earnings per share
Profit attributable to ordinary
shareholders of the parent
$ 2,419,128 1,679,057
Assumed conversion of all dilutive
potential ordinary shares
Employees’ compensation
-
1,092
Profit attributable to ordinary
shareholders of the parent plus assumed
conversion of all dilutive potential
ordinary shares
$ 2,419,128
1,680,149
$ 1.44
Three months ended March 31, 2020
Amount after tax
Weighted average
number of ordinary
shares outstanding
(shares in thousands)
Earnings per
share
(in dollars)
Basic earnings per share
Profit attributable to ordinary
shareholders of the parent
$ 1,658,696
1,679,057
$ 0.99
Diluted earnings per share
Profit attributable to ordinary
shareholders of the parent
$ 1,658,696 1,679,057
Assumed conversion of all dilutive
potential ordinary shares
Employees’ compensation
-
1,051
Profit attributable to ordinary
shareholders of the parent plus assumed
conversion of all dilutive potential
ordinary shares
$ 1,658,696
1,680,108
$ 0.99		 Three months ended March 31, 2021

Earnings per
share
(in dollars)

Amount after tax
$ 1,658,696
$ 1,658,696
-

$ 1,658,696
Weighted average
number of ordinary
shares outstanding
(shares in thousands)



1,679,057

1,679,057
1,051
1,680,108
Earnings per
share
(in dollars)
$ 0.99

$ 0.99

~61~

(34) Supplemental cash flow information

Partial payment of cash from investing activities：

Partial payment of cash from investing activitie s： s：
Three months ended March 31,
2021 2020
Acquisition of property, plant and equipment,
investment property and intangible assets $ 42,512 $ 5,085,965
Add: Accounts payable at the beginning of the
period 102,232 1,031
Prepayments for business facilities at the
end of the period 562,021 1,129
Less: Prepayments for business facilities at the
beginning of the period ( 416,570) ( 1,687)
Accounts payable at the end of period -
-
Cash paid during the period $ 290,195 $ 5,086,438

(35) Changes in liabilities from financing activities

Short-term


borrowings

At January 1, 2021
$59,040,547
Changes in cash flow
from financing
activities
13,579,375
Others
-

At March 31, 2021
$72,619,922

Short-term


borrowings

At January 1, 2020
$68,891,614
Changes in cash flow
from financing
activities
( 3,973,552)
Others
-

At March 31, 2020
$64,918,062
 Short-term
notes and


bills payable

$4,941,505
153,420
-

$5,094,925

Short-term
notes and


bills payable

$5,555,424
380,792
-

$5,936,216
 Long-term
borrowings
Lease


(Note)
liabilities

$25,063,493 $1,695,108
4,699,701 ( 100,398)
-
100,184

$29,763,194
$1,694,894

Long-term
borrowings
Lease


(Note)
liabilities

$12,833,373 $1,157,543
11,452,240 ( 111,737)
-
7,270

$24,285,613
$1,053,076
 Liabilities
from financing
activities-gross
$ 90,740,653
18,332,098
100,184
$109,172,935
Liabilities
from financing
activities-gross
$ 88,437,954
7,747,743
7,270
$ 96,192,967

Note: Including long-term borrowings-current portion less unamortized discounts.

7. RELATED PARTY TRANSACTIONS

(1) Parent and ultimate controlling party

The Group’s shares are widely held so the Company has no ultimate parent and ultimate controlling party.

(2) Names of related parties and relationship

Names of related parties Relationship with the Group

Chain Power Technology Corp.

Investee accounted for using the equity method

~62~

Names of related parties Relationship with the Group VITEC WPG Limited Investee accounted for using the equity method Gain Tune Logistics (Shanghai) Co., Ltd. 〞 Suzhou Xinning Logistics Co., Ltd. 〞 Suzhou Xinning Bonded Warehouse Co., Ltd. 〞 Eesource Corp. 〞 WT Microelectronics Co., Ltd. 〞 Haomao (Shanghai) Enterprise Development Co., Other related party Ltd. Autosys Co., Ltd. Subsidiary of investee accounted for using the equity method HongTech Electronics Co., Ltd. 〞 Maxtek Technology Co., Ltd. 〞 Morrihan International Corp. 〞 WT Microelectronics (Hong Kong) Limited 〞 NuVision Technology, Inc. 〞 WPG P.T. Electrindo Jaya Stockholder of a Group’s subsidiary accounted for using the equity method

WPG Holdings Education Foundation One third of paid-in-capital was granted by the Group

(3) Significant transactions and balances with related parties

A. Operating revenues

Operating revenues


Sales of goods
Others

Associates

 Three months ended March 31,
2021
2020
$ 158,652 $ 121,682
94,606
66,517
$ 253,258
$ 188,199

2021

$ 158,652
94,606

$ 253,258

The terms and sales prices with other related parties were negotiated in consideration of different factors including product, cost, market, competition and other conditions. The collection period was 90 days. Terms and sales prices with associates are in accordance with normal selling prices and terms of collection.

B. Purchases

Purchases


Purchases of goods
Associates
 Three months ended March 31,

2021

$ 98,296
2020
$ 66,862

The purchase prices and terms of payment for associates including products, market competition and other conditions are the same as those for general suppliers.

~63~

C. Receivables from related parties


Accounts receivable
Others

Associates

 March 31, 2021
$ 73,785
37,665

$ 111,450
 December 31, 2020

$ 133,462
44,431

$ 177,893
 March 31, 2020
$ 72,022
54,364
$ 126,386

The receivables from related parties arise mainly from sales of goods. The receivables are due 30 to 90 days after the date of sale. The receivables are unsecured in nature and bear no interest. There is no allowance for doubtful accounts held against receivables from related parties.

D. Other receivables

Other receivables

Other receivables
Associates
 March 31, 2021
$ 1,564
 December 31, 2020

$ 1,615
 March 31, 2020

$ 1,467

The above represents receivables from payments on behalf of others.

E. Payables to related parties

Payables to related parties

Accounts payable
Associates
 March 31, 2021
$ 79,105
 December 31, 2020

$ 77,023
 March 31, 2020

$ 69,956

The payables to related parties arise mainly from purchases of goods. The payables are due 30 to 90 days after the date of purchase. The payables are unsecured in nature and bear no interest.

F. Endorsements and guarantees provided to related parties


Associates
VITEC WPG Limited
 March 31, 2021
$ 64,203
 December 31, 2020

$ 64,080
 March 31, 2020

$ 68,006

G. Others

The Group’s donations to WPG Holding Education Foundation were both $2,000 for the three months ended March 31, 2021 and 2020.

(4) Key management compensation

Key management compensation


Salaries and other short-term employee benefits

Post-employment benefits

 Three months ended March 31,
2021
2020
$ 70,114 $ 58,265
904
762
$ 71,018
$ 59,027

2021

$ 70,114
904

$ 71,018

~64~

8. PLEDGED ASSETS

Pledged assets (Note 1)
Financial assets at amortized
cost
-Time deposits
Financial assets at fair value
though profit or loss -
non-current (Note 2)
Property, plant and
equipment (including
investment property)
-Land
-Buildings and structures
Non-current assets held for
sale		 March 31, 2021
$ 43,123
7,503
4,918,451
2,652,539
318,659
$ 7,940,275		 December 31, 2020
$ 43,048
7,503
5,178,570
2,807,578
-
$ 8,036,699		 March 31, 2020
$ 41,651
7,503
1,110,250
554,058
-
$ 1,713,462		 Purpose of Collateral
Security for purchases and
time deposit for
performance bond
Security for purchases
Long-term and short-term
borrowings guarantee
and security for
purchases

〞

Security for purchases

  • Note 1: The Company held 100% of shares of WPG Investment Co., Ltd., in which 8,999 thousand

  • shares have been pledged for purchases as of March 31, 2021, December 31, 2020 and March 31, 2020.

  • Note 2: As of March 31, 2021, December 31, 2020 and March 31, 2020, the subsidiary - Silicon Application Corporation held 566 thousand shares of Kingmax Technology Inc., which have been pledged for purchases.

9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED CONTRACT COMMITMENTS

  • In addition to Note 6(6), other commitments were as follows:

  • (1) Contingencies

None.

  • (2) Commitments

  • A. Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows:

March 31, 2021 December 31, 2020 March 31, 2020 Property, plant and equipment and intangible assets $ - $ - $ 420,036

  • B. The Group’s letters of credit issued but not negotiated are as follows:
March 31, 2021
$ 1,245,413
USD 142,577,000		 December 31, 2020
$ 1,269,531
USD 126,213,000		 March 31, 2020
$ 796,213
USD 106,262,000
  • C. As of March 31, 2021, the remaining payments for the contract of non-fixed car park the

~65~

Group entered into amounted to $34,650.

10. SIGNIFICANT DISASTER LOSS

None.

11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

Except for the details described in Note 6(21) D, the Board of Directors of the subsidiary – Trigold Holdings Limited resolved to increase its capital by issuing new shares on May 10, 2021. The expected number of issuance is 21 million shares, and the issuance price is tentatively set at NT$20 per share. After the application is approved by the FSC, the Board of Directors will discuss with the lead underwriter to determine the actual issuance price, taking into account the conditions of issuing market and in accordance with the provisions of Article 6 of the underwriter’s self-discipline rules and other relevant laws and regulations.

12. OTHERS

(1) Capital risk management

There was no significant change in the reporting period. Please refer to Note 12 in the consolidated financial statements for the year ended December 31, 2020.

(2) Financial instruments

A. Financial instruments by category

Financial assets
Financial assets measured at
fair value through profit or
loss
Financial assets mandatorily
measured at fair value
through profit or loss
Financial assets at fair value
through other comprehensive
income
Designation of equity
instrument
Financial assets at amortized
cost
Cash and cash equivalents
Financial assets at amortized
cost
Notes receivable
Accounts receivable
(including related parties)
Other receivables (including
related parties)
Guarantee deposits paid
Other financial assets		 March 31, 2021
$ 1,512,083


$ 2,072,094

$ 13,850,473
449,013
2,975,491
129,970,020
11,273,991
193,310
1,309,110

$ 160,021,408
 December 31, 2020

$ 1,433,930

$ 1,831,394

$ 11,020,020
472,363
3,210,976
108,398,920
12,935,325
183,918
2,304,294

$ 138,525,816
 March 31, 2020
$ 1,298,867
$ 24,956
$ 13,227,536
196,111
1,719,929
106,912,264
11,552,186
178,822
828,091
$ 134,614,939

~66~

Financial liabilities
Financial liabilities measured
at fair value through profit or
loss
Financial liabilities held for
trading
Financial liabilities at
amortized cost
Short-term borrowings
Short-term notes and bills
payable
Notes payable
Accounts payable (including
related parties)
Other payables
Long-term borrowings
(including current portion)
Guarantee deposits received
Lease liabilities		 March 31, 2021
$ 6,839

$ 72,619,922
5,094,925
74,723
80,383,582
7,154,878
29,763,194
286,617

$ 195,377,841

$ 1,694,894
 December 31, 2020

$ 2,737

$ 59,040,547
4,941,505
50,651
62,912,592
8,033,574
25,063,495
174,142

$ 160,216,506

$ 1,695,108
 March 31, 2020
$ 3,313
$ 64,918,062
5,936,216
83,557
71,279,122
7,488,930
24,285,613
86,407
$ 174,077,907
$ 1,053,076

  • B. Risk management policies

  • (a) The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. To minimize any adverse effects on the financial performance of the Group, derivative financial instruments, such as foreign exchange forward contracts, are used to hedge certain exchange rate risk. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments.

  • (b) Risk management is carried out by a central treasury department (Group treasury) under policies approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial risks in close cooperation with the Group’s operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

  • (c) Information about derivative financial instruments that are used to hedge certain exchange rate risk are provided in Note 6(2).

  • C. Significant financial risks and degrees of financial risks

  • (a) Market risk

Foreign exchange risk

  • i. The Group operates internationally and is exposed to foreign exchange risk arising from the transactions of the Company and its subsidiaries used in various currency, primarily with respect to the USD and RMB. Exchange rate risk arises from future

~67~

commercial transactions and recognized assets and liabilities.

  • ii. Management has set up a policy to require group companies to manage their foreign exchange risk against their functional currency. The companies are required to hedge their entire foreign exchange risk exposure with the Group treasury. Exchange rate risk is measured through a forecast of highly probable USD and RMB expenditures. Forward foreign exchange contracts are adopted to minimize the volatility of the exchange rate affecting cost of forecast inventory purchase.

  • iii. The Group hedges foreign exchange rate by using forward exchange contracts. However, the Group does not adopt hedging accounting. Details of financial assets or liabilities at fair value through profit or loss are provided in Note 6(2).

  • iv. The Group’s businesses involve some non-functional currency operations (the Company’s and certain subsidiaries’ functional currency: NTD; other certain foreign subsidiaries’ functional currency: local currency). The information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate fluctuations is as follows:

March 31, 2021

March 31, 2021
(Foreign currency:
functional currency)
Financial assets
Monetary items
USD：TWD
USD：RMB
USD：KRW
HKD：USD
RMB：USD
EUR：USD
Non-monetary items
RMB：USD
Financial liabilities
Monetary items
USD：TWD
USD：RMB
USD：KRW
USD：INR
HKD：USD
RMB：USD
EUR：USD		 Foreign currency
amount
(in thousands)
$ 792,934
20,453
33,008
54,232
797,764
3,564
31,571
631,969
86,713
18,782
10,398
57,982
864,525
4,128		 Exchange rate
28.54
6.57
1,133.50
0.13
0.15
1.17
0.15
28.54
6.57
1,133.50
73.57
0.13
0.15
1.17		 Book value
(NTD)
$ 22,626,365
583,640
941,894
199,032
3,465,487
124,006
137,142
18,033,229
2,474,349
535,936
296,718
212,792
3,755,497
143,657







~68~

(Foreign currency:
functional currency)
Financial assets
Monetary items
USD：TWD
USD：RMB
USD：KRW
HKD：USD
RMB：USD
Non-monetary items
RMB：USD
Financial liabilities
Monetary items
USD：TWD
USD：RMB
USD：KRW
USD：INR
HKD：USD
RMB：USD
(Foreign currency:
functional currency)
Financial assets
Monetary items
USD：TWD
USD：RMB
USD：KRW
HKD：USD
SGD：USD
Non-monetary items
RMB：USD
Financial liabilities
Monetary items
USD：TWD
USD：RMB
USD：KRW
HKD：USD
EUR：USD		 December 31, 2020 December 31, 2020
Book value
(NTD)
$ 18,078,612
530,946
940,079
221,932
3,485,922
137,778
15,083,609
2,406,558
534,903
200,686
217,571
3,804,801

Book value
(NTD)
$ 18,274,802
423,397
543,357
267,942
126,901
127,955
16,673,409
1,807,937
953,797
110,301
105,547

Foreign currency
amount
(in thousands)
Exchange rate
$ 634,783 28.48
18,643 6.51
33,008 1,088.00
60,423 0.13
796,418 0.15
31,478 0.15
529,621 28.48
84,500 6.51
18,782 1,088.00
7,047 73.15
59,235 0.13
869,272 0.15
March 31, 2020

Foreign currency
amount
(in thousands)
$ 604,625
14,008
17,977
68,738
5,977
30,072
551,643
59,816
31,557
28,297
3,189
Exchange rate
30.23
7.10
1,209.00
0.13
0.70
0.14
30.23
7.10
1,209.00
0.13
1.10





~69~

  • v. The total exchange gain (loss), including realized and unrealized arising from significant foreign exchange variation on the monetary items held by the Group for the three months ended March 31, 2021 and 2020 amounted to ($40,426) and $244,702, respectively.

  • vi. Analysis of foreign currency market risk arising from significant foreign exchange variation:

variation:
(Foreign currency:
functional currency)
Financial assets
Monetary items
USD：TWD
USD：RMB
USD：KRW
HKD：USD
RMB：USD
EUR：USD
Financial liabilities
Monetary items
USD：TWD
USD：RMB
USD：KRW
USD：INR
HKD：USD
RMB：USD
EUR：USD		 Three months ended March 31, 2021


Sensitivity Analysis

Degree of
Variation
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
Effect on
Profit or Loss
$ 226,264
5,836
9,419
1,990
34,655
1,240
180,332
24,743
5,359
2,967
2,128
37,555
1,437
Effect on Other
Comprehensive
Income
$ -
-
-
-
-
-
-
-
-
-
-
-
-

~70~

(Foreign currency:
functional currency)
Financial assets
Monetary items
USD：TWD
USD：RMB
USD：KRW
HKD：USD
SGD：USD
Financial liabilities
Monetary items
USD：TWD
USD：RMB
USD：KRW
HKD：USD
EUR：USD		 Three months ended March 31, 2020 Three months ended March 31, 2020 Three months ended March 31, 2020


Sensitivity Analysis

Degree of
Variation
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
Effect on
Profit or Loss
$ 182,748
4,234
5,434
2,679
1,269
166,734
18,079
9,538
1,103
1,055
Effect on Other
Comprehensive
Income
$ -
-
-
-
-
-
-
-
-
-

Price risk

  • i. The Group’s equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.

  • ii. Shares and open-end funds which the Group invested are issued by the domestic and foreign companies. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 1% with all other variables held constant, post-tax profit for the three months ended March 31, 2021 and 2020 would have increased/ decreased by $15,079 and $12,922, respectively, as a result of gains/losses on equity securities classified as at fair value through profit or loss. Other components of equity would have increased/decreased by $20,721 and $250, respectively, as a result of other comprehensive income classified as equity investment at fair value through other comprehensive income.

Cash flow and fair value interest rate risk

  • i. The Group’s main interest rate risk arises from short-term borrowings with variable rates, which expose the Group to cash flow interest rate risk. For the three months ended March 31, 2021 and 2020, the Group’s borrowings at variable rate were mainly denominated in New Taiwan dollars, US Dollars and KRW.

~71~

  • ii. If the borrowing interest rate had increased by 1% with all other variables held constant, profit, net of tax for the three months ended March 31, 2021 and 2020 would have decreased by $72,816 and $70,974, respectively. The main factor is that changes in interest expense result from floating rate borrowings.

  • (b) Credit risk

  • i. Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. The main factor is that counterparties could not repay in full the accounts receivable based on the agreed terms, and the contract cash flows of notes receivable.

  • ii. The Group manages its credit risk taking into consideration the entire group’s concern. For banks and financial institutions, only independently rated parties with good rating are accepted. According to the Group’s credit policy, each local entity in the Group is responsible for managing and analysing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit quality of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings. The utilisation of credit limits is regularly monitored.

  • iii. Under IFRS 9, if the contract payments are past due over one month based on the terms, there has been a significant increase in credit risk on that instrument since initial recognition.

  • iv. The default occurs when the contract payments are past due more than five months.

  • v. The Group classifies customer’s accounts receivable in accordance with credit rating of customer and customer types. The Group applies the simplified approach using the provision matrix based on the loss rate methodology to estimate expected credit loss.

  • vi. The Group wrote-off the financial assets, which cannot be reasonably expected to be recovered, after initiating recourse procedures. However, the Group will continue executing the recourse procedures to secure their rights.

  • vii. The Group used the forecastability to adjust historical and timely information to assess the default possibility of accounts receivable. On March 31, 2021, December 31, 2020 and March 31, 2020, the provision matrix and loss rate methodology are as follows:

~72~

(i) Accounts receivable from general customers:

(i) Accounts receivable from general customers:
Not
One month
Two months Three months Four months
past due
past due
past due
past due
past due
March 31, 2021
Expected loss rate
0.001%~
8.726%
0.104%~
50.00%
2.095%~
91.667%
13.184%~
100%
47.503%~
100%
Total book value$ 63,392,511
$ 2,114,652
$ 298,242
$ 133,429
$ 234,161
Loss allowance
$ 150,043
$ 84,472
$ 46,007
$ 44,323
$ 120,428
Not
One month
Two months Three months Four months
past due
past due
past due
past due
past due
December 31, 2020
Expected loss rate
0%~
12.89%
0.003%~
58.333%
1.182%~
91.667%
11.935%~
100%
27.568%~
100%
Total book value$ 52,861,070
$ 1,762,414
$ 148,295
$ 39,001
$ 25,795
Loss allowance
$ 108,696
$ 42,336
$ 18,007
$ 8,439
$ 9,342
Not
One month
Two months Three months Four months
past due
past due
past due
past due
past due
March 31, 2020
Expected loss rate
0.01%~
18.722%
0.12%~
71.278%
1.41%~
91.667%
6.46%~
100%
19.68%~
100%
Total book value$ 51,354,892
$ 3,627,739
$ 735,622
$ 444,683
$ 291,413
Loss allowance$ 73,722
$ 67,199
$ 83,971
$ 123,343
$ 126,254
(ii) Individually impaired and provisioned allowance for loss
March 31, 2021
December 31, 2020
Total book value
$ 83,002
$ 28,829
Loss allowance
$ 16,835
$ 16,417		 Four months
past due		 Over four
months
past due
100%

$ 438,208		 Total

47.503%~
100%
$ 234,161
$ 66,611,203
$ 120,428
$ 438,208
$ 883,481
Four months
past due		 Over four
months
past due
100%

$ 515,035		 Total

27.568%~
100%
$ 25,795
$ 55,351,610
$ 9,342
$ 515,035
$ 701,855
Four months
past due
19.68%~
100%
$ 291,413		 Over four
months
past due
100%

$ 454,105		 Total
$ 56,908,454
$ 126,254
$ 454,105		 $ 928,594


(iii) For customers whose current ratio, debt ratio, earnings, etc. are within a certain range:


Expected loss rate
Total book value

Loss allowance
 March 31, 2021
0%
$ 64,064,681

$-
 December 31, 2020

0%
$ 53,558,860

$-
 March 31, 2020
0%
$ 50,806,018
$-

~73~

viii. Movements in relation to the Group applying the simplified approach to provide loss allowance for notes and accounts receivable are as follows:

2021
Notes
receivable Accounts receivable
Individual Individual Group
provision provision provision Subtotal Total
At January 1 $ 2 $ 16,417 $ 701,855 $ 718,272 $ 718,274
Provision
for impairment 3 1,464 222,105 223,569 223,572
Write-offs during the
period - ( 1,156) ( 114) ( 1,270) ( 1,270)
Effect of foreign exchange ( 1) 110 1,725 1,835 1,834
Transfers into overdue
receivables - - ( 42,090)
(		 42,090)
( 42,090)
At March 31 $ 4 $ 16,835 $ 883,481 $ 900,316 $ 900,320
2020
Notes
receivable Accounts receivable
Individual Individual Group
provision provision provision Subtotal Total
At January 1 $ 2 $ 173,990 $ 748,519 $ 922,509 $ 922,511
(Reversal of) provision
for impairment ( 2) ( 60,939) 179,832 118,893 118,891
Write-offs during the
period - ( 14) ( 10) ( 24) ( 24)
Effect of foreign exchange - 1,511 624 2,135 2,135
Transfers into overdue
receivables - - ( 371)
(		 371)
( 371)
At March 31 $ - $ 114,548 $ 928,594 $1,043,142 $1,043,142

(c) Liquidity risk

  • i. Cash flow forecasting is performed in the operating entities of the Group. Each treasury department monitors rolling forecasts of the liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the Group’s debt financing plans and covenant compliance.

  • ii. The table below analyses the Group’s non-derivative financial liabilities and net-settled or gross-settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date for non-derivative financial liabilities and to the expected maturity date for derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.

~74~

Non-derivative financial liabilities:

March 31, 2021
Less than 1 year
Short-term
borrowings
$ 80,838,695
Short-term notes and
bills payable
5,100,000
Financial liabilities
measured at fair
value through profit
or loss
6,839
Notes payable
74,723
Accounts payable
80,304,477
Accounts payable -
related parties
79,105
Other payables
7,154,878
Lease liabilities
482,730
Long-term borrowings
(including current
portion)
6,695,211
Non-derivative financial liabilities:
December 31, 2020
Less than 1 year
Short-term
borrowings
$ 59,156,950
Short-term notes and
bills payable
4,945,000
Financial liabilities
measured at fair
value through profit
or loss
2,737
Notes payable
50,651
Accounts payable
62,835,569
Accounts payable -
related parties
77,023
Other payables
8,033,574
Lease liabilities
495,133
Long-term borrowings
(including current
portion)
6,629,954		 Between 1
and 2 years
$ -
-
-
-
-
-
-
282,673
3,369,077
Between 1
and 2 years
$ -
-
-
-
-
-
-
289,266
345,716		 Between 2
and 5 years
$ -
-
-
-
-
-
-
348,044
15,851,770
Between 2
and 5 years
$ -
-
-
-
-
-
-
357,138
14,082,247		 Over 5 years
$ -
-
-
-
-
-
-
1,114,195
5,092,408
Over 5 years
$ -
-
-
-
-
-
-
1,139,302
5,183,286

~75~

Non-derivative financial liabilities:

March 31, 2020
Less than 1 year
Short-term
borrowings
$ 66,434,990
Short-term notes and
bills payable
5,940,000
Financial liabilities
measured at fair
value through profit
or loss
3,313
Notes payable
83,557
Accounts payable
71,209,166
Accounts payable -
related parties
69,956
Other payables
7,488,930
Lease liabilities
455,958
Long-term borrowings
(including current
portion)
7,934,740		 Between 1
and 2 years
$ -
-
-
-
-
-
-
377,455
8,842,449		 Between 2
and 5 years
$ -
-
-
-
-
-
-
249,935
3,752,228		 Over 5 years
$ -
-
-
-
-
-
-
31,359
4,817,617

(3) Fair value information

  • A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:

  • Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. A market is regarded as active if it meets all the following conditions: the items traded in the market are homogeneous; willing buyers and sellers can normally be found at any time; and prices are available to the public. The fair value of the Group’s investment in listed stocks is included in Level 1.

  • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). The fair value of the Group’s investment in emerging stocks, publicly traded equity investment, forward exchange, beneficiary certificates and swap contracts is included in Level 2.

  • Level 3: Inputs for the asset or liability that are not based on observable market data. The fair value of the Group’s investment in equity investment without active market is included in Level 3.

  • B. Fair value information of investment property at cost is provided in Note 6(12).

  • C. The carrying amounts of financial instruments not measured at fair value including cash and cash equivalents, notes receivable, accounts receivable (including related parties), other receivables (including related parties), other financial assets, guarantee deposits paid, financial assets at amortized cost, short-term borrowings, short-term notes and bills payable,

~76~

notes payable, accounts payable (including related parties), other payables, lease liabilities (including current and non-current), long-term borrowings-current portion, long-term borrowings and guarantee deposits received are approximate to their fair values.

  • D. The related information on financial and non-financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the assets and liabilities is as follows:
follows:
(a) The related information on the nature of the assets and liabilities is as follows:
March 31, 2021 Level 1 Level 2 Level 3 Total
Assets
Recurring fair value measurements
Financial assets at fair value
through profit or loss
Forward exchange contracts $ - $ 4,183 $ - $ 4,183
Equity securities 244,366 73,816 1,189,718 1,507,900
Financial assets at fair value
through other comprehensive
income
Equity securities 2,037,137 -
34,957		 2,072,094
$2,281,503 $ 77,999 $1,224,675 $3,584,177
Liabilities
Recurring fair value measurements
Financial liabilities held for trading
Forward exchange contracts and
options $-
$ 6,839		 $-
$		 6,839
December 31, 2020 Level 1 Level 2 Level 3 Total
Assets
Recurring fair value measurements
Financial assets at fair value
through profit or loss
Forward exchange contracts $ - $ 3,827 $ - $ 3,827
Equity securities 246,491 33,317 1,150,295 1,430,103
Financial assets at fair value
through other comprehensive
income
Equity securities 1,796,437 -
34,957		 1,831,394
$2,042,928 $ 37,144 $1,185,252 $3,265,324
Liabilities
Recurring fair value measurements
Financial liabilities held for trading
Forward exchange contracts and $-
$ 2,737		 $-
$		 2,737

~77~

options
March 31, 2020
Assets
Recurring fair value measurements
Financial assets at fair value
through profit or loss
Forward exchange contracts
Equity securities
Financial assets at fair value
through other comprehensive
income
Equity securities
Liabilities
Recurring fair value measurements
Financial liabilities held for trading
Forward exchange contracts		 Level 1
$ -
133,154
-
$ 133,154
$-		 Level 2
$ 6,623
26,071
-
$ 32,694
$ 3,313		 Level 3
$ -
1,133,019
24,956
$1,157,975
$-		 Total
$ 6,623
1,292,244
24,956
$1,323,823
$ 3,313

  • (b) The methods and assumptions the Group used to measure fair value are as follows:

  • i. The instruments the Group used market quoted prices as their fair values (that is, Level 1) are listed below by characteristics:

Listed shares Market quoted price Closing price

  • ii. Except for financial instruments with active markets, the fair value of other financial instruments is measured by using valuation techniques widely accepted in financial management.

  • iii. When assessing non-standard and low-complexity financial instruments, for example, foreign exchange swap contracts, the Group adopts valuation technique that is widely used by market participants. The inputs used in the valuation method to measure these financial instruments are normally observable in the market.

  • iv. Forward exchange contracts are usually valued based on the current forward exchange rate.

  • v. The output of valuation model is an estimated value and the valuation technique may not be able to capture all relevant factors of the Group’s financial and non-financial instruments. Therefore, the estimated value derived using valuation model is adjusted accordingly with additional inputs. In accordance with the Group’s management policies and relevant control procedures relating to the valuation models used for fair value measurement, management believes adjustment to valuation is necessary in order to reasonably represent the fair value of financial and non-financial instruments at the consolidated balance sheet. The

~78~

inputs and pricing information used during valuation are carefully assessed and adjusted based on current market conditions.

  • vi. The Group takes into account adjustments for credit risks to measure the fair value of financial and non-financial instruments to reflect credit risk of the counterparty and the Group’s credit quality.

  • E. The following chart is the movement of Level 3 for the three months ended March 31, 2021 and 2020:

and 2020:
2021 2020
At January 1 $ 1,185,252 $ 1,184,898
Additions 37,757 -
Disposal ( 630) -
Capital reduction - ( 20,412)
Losses on valuation 6,617 -
Effect of foreign exchange ( 4,321)
( 6,511)
At March 31 $ 1,224,675 $ 1,157,975

  • F. For the three months ended March 31, 2021 and 2020, there was no transfer into or out from Level 3.

  • G. Finance and accounting department is in charge of valuation procedures for fair value measurements being categorized within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions and frequently reviewed.

  • Finance and accounting department sets up valuation policies, valuation processes and rules for measuring fair value of financial instruments and ensure compliance with the related requirements in IFRS. The related valuation results are reported to management monthly. Management is responsible for managing and reviewing valuation processes.

  • H. The following is the qualitative information on significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement:

Fair value at Significant Range Relationship
March 31, Valuation unobservable (weighted
of inputs to
2021 technique
input
 average) fair value
Non-derivative
equity:
Equity $ 1,224,675 Net asset Net asset value - The higher the
investment value method net asset value,
without the higher the fair
active value
market

~79~

Fair value at Significant Range Relationship December 31, Valuation unobservable (weighted of inputs to 2020 technique input average) fair value Non-derivative equity: Equity $ 1,185,252 Net asset Net asset value - The higher the investment value method net asset value, without the higher the fair active value market Fair value at Significant Range Relationship March 31, Valuation unobservable (weighted of inputs to 2020 technique input average) fair value

Non-derivative equity: Equity $ 1,157,975 Net asset Net asset value - The higher the investment value method net asset value, without the higher the fair active value market

  • I. The Group has carefully assessed the valuation models and assumptions used to measure fair value; therefore, the fair value measurement is reasonable. However, use of different valuation models or assumptions may result in different measurement. The following is the effect on profit or loss or on other comprehensive income from financial assets and liabilities categorized within Level 3 if the inputs used to valuation models have changed:

March 31, 2021

March 31, 2021
Input
Financial assets
Equity
instrument
Net asset
value		 Input
Change		 Recognized in
profit or loss
Favourable
change
Unfavourable
change
$ 11,897
($ 11,897)		 Recognized in other
comprehensive income
Favourable
change
Unfavourable
change
$ 350
($ 350)

Favourable
change


$ 11,897
(
Favourable
change


$ 350
(


± 1%

December 31, 2020

Input
Financial assets
Equity
instrument
Net asset
value		 Input
Change		 Recognized in
profit or loss
Favourable
change
Unfavourable
change
$ 11,503
($ 11,503)		 Recognized in other
comprehensive income
Favourable
change
Unfavourable
change
$ 350
($ 350)

Favourable
change


$ 11,503
(
Favourable
change


$ 350
(


± 1%

~80~

Input
Financial assets
Equity
instrument
Net asset
value		 Input
Change		 March 31, 2020
Recognized in other
comprehensive income
Favourable
change
Unfavourable
change
$ 250
($ 250)

Recognized in
profit or loss
Favourable
change
Unfavourable
change
$ 11,330
($ 11,330)

Favourable
change


$ 11,330
(
Favourable
change


$ 250
(


± 1%

13. SUPPLEMENTARY DISCLOSURES

(The transactions with subsidiaries disclosed below had been eliminated when preparing consolidated financial statements. The following disclosures are for reference only.)

(1) Significant transactions information

  • A. Loans to others: Please refer to table 1.

  • B. Provision of endorsements and guarantees to others: Please refer to table 2.

  • C. Holding of marketable securities at the end of the period (not including subsidiaries, associates and joint ventures): Please refer to table 3.

  • D. Aggregate purchases or sales of the same securities reaching $300 million or 20% of paid-in capital or more: None.

  • E. Acquisition of real estate reaching $300 million or 20% of paid-in capital or more: None.

  • F. Disposal of real estate reaching $300 million or 20% of paid-in capital or more: None.

  • G. Purchases or sales of goods from or to related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 4.

  • H. Receivables from related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 5.

  • I. Derivative financial instruments undertaken during the reporting periods: Please see Notes 6(2)B. and 12(3).

  • J. Significant inter-company transactions during the reporting periods: Please refer to table 6.

(2) Information on investee companies

Names, locations and other information of investee companies (excluding investees in Mainland China): Please refer to table 7.

(3) Information on investments in Mainland China

  • A. Basic information: Please refer to table 8.

  • B. Significant transactions, either directly or indirectly through a third area, with investee companies in the Mainland Area.

Any of the following significant transactions with investee companies in the Mainland Area,

~81~

either directly or indirectly through a third area, and their prices, payment terms, and unrealized gains or losses: Information on significant transactions of the Company and subsidiary and investee company in Mainland China as of and for the three months ended March 31, 2021 is provided in Note (1)J.

(4) Major shareholders information

Major shareholders information: Please refer to table 9.

~82~

14. OPERATING SEGMENT INFORMATION

(1) General information

The Group is mainly engaged in the import and export of electronic components. The products include CPU, analog IC, discrete IC, logic IC, DRAM, Flash, optical component, etc. The chief operating decision-maker evaluates performance based on the separate net income of sub-groups.

  • (2) Measurement of segment information

The Group’s chief operating decision-maker uses the net income as basis for assessing the performance of the Group’s operating segments.

(3) Reconciliation for segment income (loss)

  • A. The net income reported to the chief operating decision-maker is measured in a manner consistent with revenues, costs and expenses in the statement of comprehensive income. As the amounts in the statement provided to the chief operating decision-maker for managing segment are in agreement with the amounts in the statements of segment income, reconciliation is not needed.

  • B. The segment information of the reportable segments provided to the chief operating decision-maker for the three months ended March 31, 2021 and 2020 is as follows:

Three months ended March 31, 2021:

Revenue from external
customers
Revenue from internal
customers
Total revenue
Segment profit
Net income		 World Peace
Industrial Co., Ltd.
and its subsidiaries
$ 91,155,863
4,877,733
$ 96,033,596
$ 1,948,076
$ 964,408		 Silicon
Application
Corp. and its
subsidiaries
$ 19,230,928
2,111,815
$ 21,342,743
$ 507,762
$ 276,570		 Asian
Information
Technology Inc.
and its
subsidiaries

$ 20,445,274
370,622

$ 20,815,896

$ 560,618

$ 310,741
 Yosun Industrial
Corp. and
its subsidiaries



$ 23,175,062
1,674,923

$ 24,849,985

$ 476,210

$ 296,332
 Trigold
Holdings
Limited and
its subsidiaries

$ 4,273,096
5,349

$ 4,278,445

$ 177,134

$ 97,132
 Others

$ 18,834,686
5,359,335
(
$ 24,194,021
(
$ 588,593

$ 2,453,789
(		 Eliminations

$ -

14,399,777)

$ 14,399,777)

$ 58,922

$ 1,942,673)
 Total
$ 177,114,909
-
$ 177,114,909
$ 4,317,315
$ 2,456,299

~83~

Three months ended March 31, 2020:

Revenue from external
customers
Revenue from internal
customers
Total revenue
Segment profit
Net income		 World Peace
Industrial Co., Ltd.
and its subsidiaries
$ 70,742,624
2,952,219
$ 73,694,843
$ 1,555,443
$ 787,389		 Silicon
Application
Corp. and its
subsidiaries
$ 12,917,205
1,113,474
$ 14,030,679
$ 352,689
$ 128,348		 Asian
Information
Technology Inc.
and its
subsidiaries

$ 16,150,197
324,196

$ 16,474,393

$ 422,853

$ 306,041
 Yosun Industrial
Corp. and
its subsidiaries



$ 17,090,981
1,167,786

$ 18,258,767

$ 389,580

$ 254,942
 Trigold
Holdings
Limited and
its subsidiaries

$ 3,363,457
149,668

$ 3,513,125

$ 96,570

$ 24,764
 Others

$ 10,780,111
2,343,757
(
$ 13,123,868
(
$ 227,541

$ 1,641,067
(		 Eliminations

$ -

8,051,100)

$ 8,051,100)

$ 201,392

$ 1,476,364)
 Total
$ 131,044,575
-
$ 131,044,575
$ 3,246,068
$ 1,666,187

~84~

WPG Holdings Limited and Subsidiaries

Loans to others

Table 1

Expressed in thousands of NTD (Except as otherwise indicated)

Three months ended March 31, 2021

Reason for
short-term
financing
Allowance
for
doubtful
accounts
Actual amount
drawn down
No.
Creditor
Borrower
General ledger
account
Is a
related
party
Maximum
outstanding
balance during
the three
months ended
March 31,2021
Balance at
March 31,2021
Interest
rate
Nature of loan
(Note 8)
Amount of
transactions
with the
borrower		 Collateral Limit on loans
granted to a single
party		 Ceiling on total
loansgranted		 Footnote
Item
Value
1
Apache Korea Corp. WPG Korea Co., Ltd. Other
receivables -
related parties
Y
50,348
$ 50,348
$ 50,348
$ 3.50
2
-
$ Operations
-
$ 2
Genuine C&C
(IndoChina) Pte Ltd
World Peace
International (South
Asia) Pte Ltd
Other
receivables -
related parties
Y
57,070
57,070
57,070
1.28
2
-
Operations
-
3
GENUINE C&C
HOLDING INC.
(Seychelles)
Peng Yu
International Limited
Other
receivables -
related parties
Y
114,140
57,070
57,070
2.00
2
-
Operations
-
3
GENUINE C&C
HOLDING INC.
(Seychelles)
Peng Yu Trigold
Limited
Other
receivables -
related parties
Y
57,070
57,070
57,070
2.00
2
-
Operations
-
4
Richpower
Electronic Devices
Pte., Ltd.
Yosun Singapore Pte
Ltd.
Other
receivables -
related parties
Y
214,013
214,013
209,732
1.28
2
-
Operations
-
5
World Peace
International (South
Asia) Pte Ltd
WPG Americas Inc.
Other
receivables -
related parties
Y
285,350
285,350
-
0.00
2
-
Operations
-
5
World Peace
International (South
Asia) Pte Ltd
WPI International
(Hong Kong)
Limited
Other
receivables -
related parties
Y
1,712,100
1,141,400
1,141,400
1.40
2
-
Operations
-
6
World Peace
International Pte Ltd
World Peace
International (South
Asia) Pte Ltd
Other
receivables -
related parties
Y
114,140
114,140
114,140
1.28
2
-
Operations
-
7
WPG C&C Limited
WPI International
(Hong Kong)
Limited
Other
receivables -
related parties
Y
228,280
228,280
228,280
1.50
2
-
Operations
-
8
WPG South Asia Pte.
Ltd.
WPG Korea Co., Ltd. Other
receivables -
related parties
Y
570,700
570,700
142,675
1.84
2
-
Operations
-		 None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-		 74,438
$ 77,725
130,149
130,149
432,350
6,734,122
6,734,122
2,172,271
260,171
1,308,327		 74,438
$ 77,725
130,149
130,149
432,350
6,734,122
6,734,122
2,172,271
260,171
1,308,327		 Note 1
Note 3
Note 5
Note 5
Note 4
Note 3
Note 3
Note 3
Note 5
Note 8

Table 1, Page 1

Amount of
transactions
with the
borrower
Reason for
short-term
financing
Allowance
for
doubtful
accounts
Interest
rate
Nature of loan
(Note 8)
General ledger
account
Is a
related
party
Maximum
outstanding
balance during
the three
months ended
March 31,2021
Balance at
March 31,2021
Actual amount
drawn down
No.
Creditor
Borrower		 Collateral Limit on loans
granted to a single
party		 Ceiling on total
loansgranted		 Footnote
Item
Value
8
WPG South Asia Pte.
Ltd.
World Peace
International (South
Asia) Pte Ltd
Other
receivables -
related parties
Y
142,675
$ -
$ -
$ 0.00
2
-
$ Operations
-
$ 8
WPG South Asia Pte.
Ltd.
Yosun Singapore Pte
Ltd.
Other
receivables -
related parties
Y
85,605
85,605
-
0.00
2
-
Operations
-
8
WPG South Asia Pte.
Ltd.
WPG Americas Inc.
Other
receivables -
related parties
Y
285,350
285,350
-
0.00
2
-
Operations
-
9
Yosun Hong Kong
Corp. Ltd.
WPG Electronics
(HK) Limited
Other
receivables -
related parties
Y
570,700
-
-
0.00
2
-
Operations
-
9
Yosun Hong Kong
Corp. Ltd.
WPG China Inc.
Other
receivables -
related parties
Y
4,778,400
4,778,400
3,366,600
3.90~5.48
2
-
Operations
-
9
Yosun Hong Kong
Corp. Ltd.
Richpower
Electronic Devices
Co., Limited
Other
receivables -
related parties
Y
856,050
856,050
-
0.00
2
-
Operations
-
10
Yosun Singapore Pte
Ltd.
World Peace
International (South
Asia) Pte Ltd
Other
receivables -
related parties
Y
285,350
285,350
199,745
1.67
2
-
Operations
-
11
AECO Technology
Co., Ltd.
World Peace
Industrial Co., Ltd.
Other
receivables -
related parties
Y
85,850
85,700
85,700
1.30
2
-
Operations
-
12
AECO Electronics
Co., Ltd.
WPI International
(Hong Kong)
Limited
Other
receivables -
related parties
Y
684,840
684,840
684,840
1.50
2
-
Operations
-
13
WPG SCM Limited
WPG Americas Inc.
Other
receivables -
related parties
Y
570,700
-
-
0.00
2
-
Operations
-
13
WPG SCM Limited
WPG Electronics
(HK) Limited
Other
receivables -
related parties
Y
285,350
285,350
285,350
1.25
2
-
Operations
-
13
WPG SCM Limited
Yosun Singapore Pte
Ltd.
Other
receivables -
related parties
Y
142,675
-
-
0.00
2
-
Operations
-
13
WPG SCM Limited
WPG South Asia Pte
Ltd.
Other
receivables -
related parties
Y
285,350
-
-
0.00
2
-
Operations
-		 None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-		 1,308,327
$ 1,308,327
1,308,327
9,222,374
9,222,374
9,222,374
719,105
397,856
762,814
1,086,229
1,086,229
1,086,229
1,086,229		 1,308,327
$ 1,308,327
1,308,327
9,222,374
9,222,374
9,222,374
719,105
397,856
762,814
1,086,229
1,086,229
1,086,229
1,086,229		 Note 8
Note 8
Note 8
Note 4
Note 4
Note 4
Note 4
Note 2
Note 5
Note 8
Note 8
Note 8
Note 8

Table 1, Page 2

Maximum

Maximum
Amount of
transactions
with the
borrower
Reason for
short-term
financing
Allowance
for
doubtful
accounts
No.
Creditor
Borrower
General ledger
account
Is a
related
party
Interest
rate
Nature of loan
(Note 8)
outstanding
balance during
the three
months ended
March 31,2021
Balance at
March 31,2021
Actual amount
drawn down		 Collateral Limit on loans
granted to a single
party		 Ceiling on total
loansgranted		 Footnote
Item
Value
13
WPG SCM Limited
WPG Korea Co., Ltd. Other
receivables -
related parties
Y
285,350
$ 285,350
$ 285,350
$ 1.84
2
-
$ Operations
-
$ 13
WPG SCM Limited
WPI International
(Hong Kong)
Limited
Other
receivables -
related parties
Y
428,025
428,025
428,025
1.40
2
-
Operations
-
14
WPG China (SZ)
Inc.
LaaS (Dongguan)
Supply Chain
Management Limited
Other
receivables -
related parties
Y
43,440
43,440
23,892
4.18
2
-
Operations
-
15
WPG China Inc.
LaaS (Dongguan)
Supply Chain
Management Limited
Other
receivables -
related parties
Y
86,880
86,880
86,880
4.18
2
-
Operations
-
16
Yosun Industrial
Corp.
Richpower
Electronic Devices
Co., Limited
Other
receivables -
related parties
Y
1,712,100
1,712,100
570,700
1.70
2
-
Operations
-
16
Yosun Industrial
Corp.
Yosun Hong Kong
Corp. Ltd.
Other
receivables -
related parties
Y
856,050
-
-
0.00
2
-
Operations
-
17
Yosun South China
Corp. Ltd.
WPG China (SZ)
Inc.
Other
receivables -
related parties
Y
108,600
108,600
108,600
2.80
2
-
Operations
-
17
Yosun South China
Corp. Ltd.
WPG China Inc.
Other
receivables -
related parties
Y
65,160
65,160
65,160
2.80
2
-
Operations
-
18
Yosun Shanghai
Corp. Ltd.
WPG China (SZ)
Inc.
Other
receivables -
related parties
Y
317,112
317,112
317,112
2.80
2
-
Operations
-
18
Yosun Shanghai
Corp. Ltd.
WPG China Inc.
Other
receivables -
related parties
Y
13,032
13,032
13,032
2.80
2
-
Operations
-
19
WPG C&C Shanghai
Co., Ltd.
Trigolduo (Shanghai)
Industrial
Development Ltd.
Other
receivables -
related parties
Y
40,660
40,660
36,316
3.95~4.60
2
-
Operations
-
19
WPG C&C Shanghai
Co., Ltd.
Trigold Tongle
(Shanghai) Industrial
Development Ltd.
Other
receivables -
related parties
Y
13,032
8,688
8,688
3.95
2
-
Operations
-		 None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-		 1,086,229
$ 1,086,229
6,069,770
2,694,696
3,392,761
3,392,761
210,223
210,223
369,539
369,539
158,991
158,991		 1,086,229
$ 1,086,229
6,069,770
2,694,696
3,392,761
3,392,761
210,223
210,223
369,539
369,539
397,477
397,477		 Note 8
Note 8
Note 5
Note 5
Note 2
Note 2
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5

Table 1, Page 3

No.
Creditor
Borrower
General ledger
account
Is a
related
party
Maximum
outstanding
balance during
the three
months ended
March 31,2021
Balance at
March 31,2021
Actual amount
drawn down
Amount of
transactions
with the
borrower
Reason for
short-term
financing
Allowance
for
doubtful
accounts
Interest
rate
Nature of loan
(Note 8)		 Collateral Limit on loans
granted to a single
party		 Ceiling on total
loansgranted		 Footnote
Item
Value
20
WPI International
(Hong Kong)
Limited
WPG Korea Co., Ltd. Other
receivables -
related parties
Y
285,350
$ 285,350
$ 271,083
$ 1.84~3.50
2
-
$ Operations
-
$ 20
WPI International
(Hong Kong)
Limited
WPG Electronics
(HK) Limited
Other
receivables -
related parties
Y
570,700
570,700
-
0.00
2
-
Operations
-
21
World Peace
Industrial Co., Ltd.
Long-Think
International Co.,
Ltd.
Other
receivables -
related parties
Y
8,561
8,561
-
0.00
2
-
Operations
-
21
World Peace
Industrial Co., Ltd.
WPI International
(Hong Kong)
Limited
Other
receivables -
related parties
Y
3,138,850
3,138,850
3,138,850
1.55
2
-
Operations
-
21
World Peace
Industrial Co., Ltd.
Longview
Technology Inc.
Other
receivables -
related parties
Y
88,535
88,535
44,800
1.55
2
-
Operations
-
22
Everwiner Enterprise
Co., Ltd.
Pernas Electronics
Co., Ltd.
Other
receivables -
related parties
Y
200,000
-
-
0.00
2
-
Operations
-
22
Everwiner Enterprise
Co., Ltd.
Silicon Application
corp.
Other
receivables -
related parties
Y
200,000
200,000
200,000
1.20
2
-
Operations
-
23
Silicon Application
corp.
WPG Electronics
(HK) Limited
Other
receivables -
related parties
Y
1,997,450
998,725
998,725
1.75
2
-
Operations
-
24
Silicon Application
(BVI) Corporation
Silicon Application
corp.
Other
receivables -
related parties
Y
1,141,400
1,141,400
1,141,400
1.25
2
-
Operations
-
24
Silicon Application
(BVI) Corporation
Peng Yu
International Limited
Other
receivables -
related parties
Y
171,210
171,210
171,210
1.75
2
-
Operations
-
25
Silicon Application
Company Limited
Silicon Application
corp.
Other
receivables -
related parties
Y
656,305
656,305
656,305
1.25
2
-
Operations
-
25
Silicon Application
Company Limited
WPG Electronics
(HK) Limited
Other
receivables -
related parties
Y
1,027,260
1,027,260
1,027,260
1.75
2
-
Operations
-
25
Silicon Application
Company Limited
Yosun Hong Kong
Corp. Ltd.
Other
receivables -
related parties
Y
570,700
-
-
0.00
2
-
Operations
-		 None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-		 20,416,365
$ 20,416,365
7,790,915
7,790,915
7,790,915
266,601
266,601
3,040,353
1,243,320
3,108,300
700,160
1,750,400
1,750,400		 20,416,365
$ 20,416,365
10,387,887
10,387,887
10,387,887
266,601
266,601
3,040,353
3,108,300
3,108,300
1,750,400
1,750,400
1,750,400		 Note 5
Note 5
Note 6
Note 6
Note 6
Note 2
Note 2
Note 2
Note 5
Note 5
Note 5
Note 5
Note 5

Table 1, Page 4

No.
Creditor
Borrower
General ledger
account
Is a
related
party
Maximum
outstanding
balance during
the three
months ended
March 31,2021
Balance at
March 31,2021
Actual amount
drawn down
Interest
rate
Nature of loan
(Note 8)
Amount of
transactions
with the
borrower
Reason for
short-term
financing
Allowance
for
doubtful
accounts		 Collateral Limit on loans
granted to a single
party		 Ceiling on total
loansgranted		 Footnote
Item
Value
26
Sertek Limited
Richpower
Electronic Devices
Co., Limited
Other
receivables -
related parties
Y
71,338
$ 71,338
$ 71,338
$ 1.25
2
-
$ Operations
-
$ 27
Sertek Incorporated
Richpower
Electronic Devices
Co., Ltd
Other
receivables -
related parties
Y
513,630
513,630
285,350
1.35
2
-
Operations
-
28
Genuine C&C Inc.
Hoban Inc.
Other
receivables -
related parties
Y
50,000
10,000
-
0.00
2
-
Operations
-
29
Pernas Electronics
Co., Ltd.
Silicon Application
corp.
Other
receivables -
related parties
Y
400,000
400,000
400,000
1.10
2
-
Operations
-
30
Richpower
Electronic Devices
Co., Limited
Yosun Hong Kong
Corp. Ltd.
Other
receivables -
related parties
Y
570,700
570,700
570,700
1.33
2
-
Operations
-
30
Richpower
Electronic Devices
Co., Limited
Silicon Application
corp.
Other
receivables -
related parties
Y
570,700
-
-
0.00
2
-
Operations
-
31
Long-Think
International (Hong
Kong) Limited
WPI International
(Hong Kong)
Limited
Other
receivables -
related parties
Y
399,490
399,490
399,490
1.30~2.02
2
-
Operations
-
32
Long-Think
International Co.,
Ltd.
World Peace
Industrial Co., Ltd.
Other
receivables -
related parties
Y
17,500
17,500
17,500
1.30
2
-
Operations
-
33
Asian Information
Technology Inc.
Frontek Technology
Corporation
Other
receivables -
related parties
Y
500,000
500,000
500,000
1.19
2
-
Operations
-
34
Peng Yu (Shanghai)
Digital Technology
Co., Ltd.
WPG C&C Shanghai
Co., Ltd.
Other
receivables -
related parties
Y
149,868
149,868
149,868
3.95~4.60
2
-
Operations
-
35
Peng Yu
International Limited
Peng Yu Trigold
Limited
Other
receivables -
related parties
Y
57,070
57,070
57,070
1.70
2
-
Operations
-		 None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-
None
-		 76,206
$ 589,747
467,625
505,049
2,358,757
943,503
526,000
18,468
1,496,169
354,281
199,075		 76,206
$ 589,747
467,625
505,049
2,358,757
2,358,757
526,000
18,468
2,393,870
354,281
199,075		 Note 5
Note 2
Note 9
Note 2
Note 5
Note 5
Note 5
Note 2
Note 7
Note 5
Note 5

Note 1:Ceiling on total loans to others should not exceed the creditor's net assets. For short-term financing, ceiling on loans to a single party should not exceed the creditor's net assets

  • Note 2: Accumulated financing activities to any company or person should not be in excess of 40% of creditor’s net assets. Limit on loans to a single company is as follows

  • (1) For business transaction to the creditor, the individual limit should not exceed the amount of business transactions; the amount of business transactions means the higher between sales and purchases.

  • (2) For short-term financing, financing activities to a single company should not be in excess of 40% of creditor’s net assts.

  • Note 3: (1) For those borrowers which are not 100% held investee company, the individual limit amount and the accumulated financing activities to those borrowers should not be in excess of 40% of the creditor’s net assets.

  • (2) For those borrowers which are 100% held investee company, the individual limit amount and the accumulated financing activities to those borrowers should not be in excess of 200% of the creditor’s net assets.

  • (3) The total limit of (1) and (2) should not exceed 200% of the creditor’s net assets.

Table 1, Page 5

  • Note 4: Accumulated financing activities to any company or person should not be in excess of 200% of creditor’s net assets. Limit on loans to a single company is as follows

  • (1) For business transaction to the creditor, the individual limit should not exceed the amount of business transactions; the amount of business transactions means the higher between sales and purchases.

  • (2) For short-term financing, the financing activities to an overseas company which is 100% directly or indirectly held by ultimate parent company should not be in excess of 200% of creditor’s net assets. For borrower not fulfilling said criteria, the limit should not exceed 40% of the creditor’s net assets.

  • Note 5: Accumulated financing activities to any company or person should not be in excess of 100% of creditor’s net assets. Limit on loans to a single company is as follows

  • (1) For business transaction to the creditor, the individual limit should not exceed the amount of business transactions; the amount of business transactions means the higher between sales and purchases.

  • (2) For short-term financing, the financing activities to an overseas company or ultimate parent company which is 100% directly or indirectly held by ultimate parent company should not be in excess of 100% of creditor’s net assets. For borrower not fulfilling said criteria, the limit should not exceed 40% of the creditor’s net assets.

  • Note 6: Accumulated financing activities to any company or person should not be in excess of 40% of creditor’s net assets. Limit on loans to a single company is as follows

  • (1) For business transaction to the creditor, the individual limit should not exceed the amount of business transactions; the amount of business transactions means the higher between sales and purchases.

  • (2) For short-term financing, the financing activities to a single company should not be in excess of 30% of creditor’s assets.

  • Note 7: Accumulated financing activities to any company or person should not be in excess of 40% of creditor’s net assets. Limit on loans to a single company is as follows

  • (1) For business transaction to the creditor, the individual limit should not exceed the amount of business transactions; the amount of business transactions means the higher between sales and purchases.

  • (2) For short-term financing, the financing activities to a single company should not be in excess of 25% of creditor’s net assts.

  • Note 8: (1) The financing activities to an overseas company which is 100% directly or indirectly held by ultimate parent company should not be in excess of 200% of creditor's net assets. Ceilings on accumulated short-term financing should not exceed 200% of the creditor's net assets.

  • (2) The individual limit amount should not exceed 40% of the creditor's net assets and the accumulated financing activities to those borrowers should not be in excess of 40% of the creditor's net assets.

  • Note 9: Accumulated financing activities to any company or person should not be in excess of 40% of creditor’s net assets. Limit on loans to a single company is as follows

  • (1) For business transaction to the creditor, ceiling on the individual loans from others should not exceed 40% of the creditor's net assets, and the individual limit should not exceed the amount of business transactions within one year; the amount of business transactions means the higher between sales and purchases.

  • (2) For short-term financing, financing activities to a single company should not be in excess of 40% of creditor’s net assts.

  • (3) Ceiling on total loans granted between foreign companies whose voting shares are 100% held by the Company directly or indirectly, or on loans granted to the Company by such foreign companies was excluded in the aforementioned limits. Note 10: The column of ‘Nature of loan’ shall fill in 1. ‘Business transaction or 2. ‘Short-term financing’.

Table 1, Page 6

Table 2

WPG Holdings Limited and Subsidiaries

Provision of endorsements and guarantees to others

Three months ended March 31, 2021

Expressed in thousands of NTD (Except as otherwise indicated)

Number Endorser/
guarantor		 Partybeingendorsed/guaranteed Limit on
endorsements/
guarantees
provided for a
singleparty		 Maximum
outstanding
endorsement/
guarantee amount as
of March 31,2021		 Outstanding
endorsement/
guarantee
amount at
March 31,2021		 Actual amount
drawn down		 Amount of
endorsements/
guarantees
secured with
collateral		 Ratio of accumulated
endorsement/
guarantee amount to
net asset value of the
endorser/ guarantor
company		 Ceiling on total
amount of
endorsements/
guarantees
provided		 Provision of
endorsements/
guarantees by
parent company
to subsidiary		 Provision of
endorsements/
guarantees by
subsidiary to
parent
company		 Provision of
endorsements/
guarantees to the
party in Mainland
China
Footnote
Companyname
Relationship
with the
endorser/
guarantor
0
1
2
2
3
4
4
4
4
5
5
5
5
5		 WPG Holdings
Limited
World Peace
International (South
Asia) Pte Ltd
World Peace
International Pte Ltd
World Peace
International Pte Ltd
WPG China Inc.
Yosun Industrial
Corp.
Yosun Industrial
Corp.
Yosun Industrial
Corp.
Yosun Industrial
Corp.
World Peace
Industrial Co., Ltd.
World Peace
Industrial Co., Ltd.
World Peace
Industrial Co., Ltd.
World Peace
Industrial Co., Ltd.
World Peace
Industrial Co., Ltd.		 World Peace Industrial
Co., Ltd.
Note 1
WPG C&C Computers
And Peripheral (India)
Private Limited
Note 1
WPG Americas Inc.
Note 3
World Peace
International (South
Asia) Pte Ltd
Note 1
LaaS (Dongguan)
Supply Chain
Management Limited
Note 3
Yosun Singapore Pte
Ltd.
Note 1
Yosun Hong Kong
Corp. Ltd.
Note 1
Sertek Incorporated
Note 1
Richpower Electronic
Devices Co., Limited
Note 1
WPI International
(Hong Kong) Limited
Note 1
Vitec WPG Limited
Note 3
World Peace
International (South
Asia) Pte Ltd
Note 1
WPG Electronics
(HK) Limited
Note 1
WPG Korea Co., Ltd.
Note 1		 34,009,346
$ 6,846,684
7,464,594
7,464,594
4,042,044
8,481,902
8,481,902
8,481,902
8,481,902
12,984,858
12,984,858
12,984,858
12,984,858
12,984,858		 153,510
$ 71,338
156,943
285,350
26,498
1,055,795
285,350
2,282,800
1,400,000
1,365,680
64,203
807,770
285,350
60,000		 90,375
$ 71,338
156,943
285,350
26,498
941,655
285,350
2,282,800
800,000
1,365,680
64,203
807,770
285,350
60,000		 90,375
$ 22,935
36,887
114,149
26,498
511,966
211,050
1,488,476
474,658
1,216,461
64,203
753,533
120,521
38,557		 90,375
$ -
-
-
26,498
-
-
-
-
-
-
-
-
-		 0.13
2.08
4.20
7.65
0.98
11.10
3.36
26.91
9.43
5.26
0.25
3.11
1.10
0.23		 34,009,346
$ 6,846,684
7,464,594
7,464,594
5,389,392
16,963,804
16,963,804
16,963,804
16,963,804
20,775,774
20,775,774
20,775,774
20,775,774
20,775,774		 Y
N
N
N
N
N
N
N
N
N
N
N
N
N		 N
N
N
N
N
N
N
N
N
N
N
N
N
N		 N
Note 4 and 5
N
Note 7
N
Note 7
N
Note 7
Y
Note 13
N
Note 9
N
Note 9
N
Note 9
N
Note 9
N
Note 6
N
Note 6
N
Note 6
N
Note 6
N
Note 6

Table 2, Page 1

Number Endorser/
guarantor		 Partybeingendorsed/guaranteed Limit on
endorsements/
guarantees
provided for a
singleparty		 Maximum
outstanding
endorsement/
guarantee amount as
of March 31,2021		 Outstanding
endorsement/
guarantee
amount at
March 31,2021		 Actual amount
drawn down		 Amount of
endorsements/
guarantees
secured with
collateral		 Ratio of accumulated
endorsement/
guarantee amount to
net asset value of the
endorser/ guarantor
company		 Ceiling on total
amount of
endorsements/
guarantees
provided		 Provision of
endorsements/
guarantees by
parent company
to subsidiary		 Provision of
endorsements/
guarantees by
subsidiary to
parent
company		 Provision of
endorsements/
guarantees to the
party in Mainland
China
Footnote
Companyname
Relationship
with the
endorser/
guarantor
6
7
8
9
9
9
10
10
10		 Apache
Communication Inc.
Frontek Technology
Corporation
Pernas Electronics
Co., Ltd.
Asian Information
Technology Inc.
Asian Information
Technology Inc.
Asian Information
Technology Inc.
Trigold Holdings
Limited
Trigold Holdings
Limited
Trigold Holdings
Limited		 Asian Information
Technology Inc.
Note 2
Asian Information
Technology Inc.
Note 2
Silicon Application
corp.
Note 2
Apache
Communication Inc.
Note 1
Frontek Technology
Corporation
Note 1
AIT Japan Inc.
Note 1
Peng Yu International
Limited
Note 1
WPG C&C Shanghai
Co., Ltd.
Note 1
Peng Yu Trigold
Limited
Note 1		 642,640
$ 872,643
631,312
2,393,870
2,393,870
2,393,870
686,553
686,553
686,553		 485,350
$ 805,350
200,000
228,280
821,498
14,268
57,070
130,320
370,955		 485,350
$ 685,350
200,000
228,280
821,498
14,268
57,070
-
370,955		 200,000
$ 685,350
9,055
173,207
231,724
-
57,070
-
228,280		 -
-
-
-
-
-
-
-
-		 30.21
31.41
15.84
3.81
13.73
0.24
4.16
0.00
27.02		 803,300
$ 1,090,803
631,312
2,992,338
2,992,338
2,992,338
686,553
686,553
686,553		 N
N
N
N
N
N
N
N
N		 N
N
N
N
N
N
N
N
N		 N
Note 11
N
Note 11
N
Note 12
N
Note 8
N
Note 8
N
Note 8
N
Note 10
Y
Note 10
N
Note 10

Note 1: The company and its subsidiary hold more than 50% of the investee company.

Note 2: The parent company directly owns more than 50% of the company.

Note 3: An affiliate.

  • Note 4: The guarantee amount should not exceed 50% of guarantor’s net assets; the limit to a single company should not exceed 50% of the Company’s stockholder’s equity. For business transaction with the Company, the guarantee amount should not exceed the amount of business transaction, which is the higher between sales and purchases. The limit on the Company and its subsidiaries’ total loan to other companies is less than 60% of the Company’s net assets; limited to a single company should not exceed 50% of the Company’s net assets. The guarantee amount to a subsidiary which is 90%~100% directly or indirectly held by the Company should not exceed 10% of the Company’s net assets, which is based on the latest audited or reviewed financial statements.

  • Note 5: There are 8,999 thousand shares of WPG Investment Co., Ltd. which have been pledged for purchases for World Peace Industrial Co., Ltd. The book value of those pledged investments is $90,375.

  • Note 6: The cumulative guarantee amount to others should not be in excess of 80% of guarantor’s net assets. The guarantee amount to a single company should not be in excess of 50% of guarantor’s net assets. For business transaction with the guarantor, the guarantee amount should not exceed the amount of business transaction, which is the higher between sales and purchases. The net asset value is based on the latest audited or reviewed financial statements.

  • Note 7: The cumulative guarantee amount to others should not be in excess of 200% of the Company’s net assets. The guarantee amount to a single company should not be in excess of 200% of Company’s net assets. For business transaction with the Company, the guarantee amount should not exceed the amount of business transaction, which is the higher between sales and purchases. The guarantee amount to a subsidiary which is 90%~100% directly or indirectly held by the Company should not exceed 10% of the Company’s net assets. Note 8: The guarantee amount should not exceed 50% of guarantor’s net assets; the limit to a single company should not exceed 40% of the Company’s net assets. For business transaction with the Company, the guarantee amount should not exceed the amount of business

  • transaction, which is the higher between sales and purchases. Net assets is based on the latest audited or reviewed financial statements. Ceiling on total endorsements/guarantees granted by the Company and subsidiaries shall be less than 50% of the Company’s net assets. Ceiling on total endorsements/guarantees granted by the Company and subsidiaries to a single party is 50% of the Company’s net assets. The guarantee amount to a subsidiary which is 90%~100% directly or indirectly held by the Company should not

  • exceed 10% of the Company’s net assets. The net assets referred to above are based on the latest audited or reviewed financial statements.

  • Note 9: The cumulative guarantee amount to others should not be in excess of 200% of guarantor and its subsidiaries’ total net assets. The guarantee amount to a single company should not be in excess of 100% of guarantor and its subsidiaries’ total net assets.

  • For business transaction with the Company, the guarantee amount should not exceed the amount of business transaction, which is the higher between sales and purchases. The Company’s guarantee amount to a subsidiary which is 90%~100% directly or indirectly held by the ultimate parent company should not exceed 10% of the ultimate parent company’s net assets. The net asset value is based on the latest audited or reviewed financial statements.

  • Note 10: The cumulative guarantee amount to others should not be in excess of 50% of the Company’s net assets. The guarantee amount to a single company should not be in excess of 50% of Company’s net assets. For business transaction with the Company, the guarantee amount should not exceed the amount of business transaction, which is the higher between sales and purchases. The Company’s and its subsidiaries’ cumulative guarantee amount to others should not be in excess 50% (not including 50%) of the Company’s net

  • assets. The guarantee amount to a single company should not be in excess of 50% (not including 50%) of the Company’s net assets. The guarantee amount to a subsidiary which is 90%~100% directly or indirectly held by the Company should not exceed 10% of the Company’s net assets. The guarantee amount to a subsidiary which is 100%directly or indirectly held by the Company should not exceed 50% (not including 50%) of the Company’s net assets. The net assets value is based on the latest audit or reviewed financial statements.

  • Note 11: The guarantee amount should not exceed 50% of guarantor’s net assets; the limit to a single company should not exceed 40% of the Company’s net assets. For business transaction with the Company, the guarantee amount should not exceed the amount of business transaction, which is the higher between sales and purchases. Net assets is based on the latest audited or reviewed financial statements. The guarantee amount to a subsidiary which is 90%~100% directly or indirectly held by the Company should not exceed 10% of the Company’s net assets. The net assets referred to above are based on the latest audited or reviewed financial statements.

  • Note 12: The cumulative guarantee amount to others should not be in excess of 50% of the Company’s net assets; the limit to a single company should not exceed 50% of the Company’s net assets. For business transaction with the Company, the guarantee amount should not

Table 2, Page 2

exceed the amount of business transaction, which is the higher between sales and purchases.Ceiling on total endorsements/guarantees granted by the Company and subsidiaries shall be less than 50% of the Company’s net assets. Ceiling on total endorsements/guarantees granted by the Company and subsidiaries to a single party is 50% of the Company’s net assets. The guarantee amount to a subsidiary which is 90%~100% directly or indirectly held by the Company should not exceed 10% of the Company’s net assets. The net assets referred to above are based on the latest audited or reviewed financial statements.

Note 13: The cumulative guarantee amount to others should not be in excess of 200% (excluding) of the Company’s net assets. The guarantee amount to a single company should not be in excess of 150% of Company’s net assets. For business transaction with the Company, the guarantee amount should not exceed the amount of business transaction, which is the higher between sales and purchases. The guarantee amount to a subsidiary which is 90%~100% directly or indirectly held by the Company’s ultimate parent company should not exceed 10% of the net assets of the Company’s ultimate parent company. The net assets referred to above are based on the latest audited or reviewed financial statements.

Table 2, Page 3

WPG Holdings Limited and Subsidiaries

Holding of marketable securities at the end of the period (not including subsidiaries, associates and joint ventures)

Three months ended March 31, 2021

Securities held by
Table 3		 Marketable securities Relationship with the
securities issuer		 General
ledger account		 As of Mar ch31,2021 (Except as oth
Expressed in th		 Footnote
erwise indicated)
ousands of NTD
Number of shares
(in thousands)		 Book value Ownership (%) Fair value(Note 1)
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
Silicon Application corp.
World Peace Industrial Co., Ltd.
AECO Technology Co., Ltd.
Yosun Industrial Corp.
Genuine C&C Inc.
Richpower Electronic Devices Co., Ltd
WPG Investment Co., Ltd.
WPG Investment Co., Ltd.		 Restar Holdings Corporation
None
Tyche Partners L.P. - Funds
None
CDIB CME Fund Ltd., etc. - Equity
securities
None
T3EX Global Holdings Corp. - Equity
securities
None
WT Microelectronics Co., Ltd.-Preference
shares
The Group's investment accounted
for using the equity method
Kingmax Technology Inc., etc. - Equity
securities
None
Silicon Line GmbH, Munich…etc. - Equity
securities
None
Hua-Jie (Taiwan) Corp. - Equity securities
None
Fortend Taiwan Scientific Corp., etc. - Equity
securities
None
Systemweb Technology - Equity securities
None
Promaster Technology Co., Ltd., etc. - Equity
securities
None
Dimerco Express Corporation etc. - Equity
securities
None
Nichidenbo Corporation etc. - Equity
securities
None		 Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
other comprehensive income - non-
current
Financial assets at fair value through
other comprehensive income - non-
current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - current, etc.
Financial assets at fair value through
other comprehensive income - non-
current		 230
-
-
10,926
24,284
-
-
668
-
700
-
-
-		 120,913
$ 369,486
138,043
603,110
1,161,983
12,337
24,068
6,684
27,949
16,694
74,826
110,038
307,001		 0.76
-
-
8.59
17.99
-
-
3.32
-
9.52
-
-
-		 120,913
$ 369,486
138,043
603,110
1,161,983
12,337
24,068
6,684
27,949
16,694
74,826
110,038
307,001		 Note 2
Note 3
Note 4

Table 3, Page 1

Securities held by Marketable securities Relationship with the
securities issuer		 General
ledger account		 As of Mar ch31,2021 Footnote
Number of shares
(in thousands)		 Book value Ownership (%) Fair value(Note 1)
Silicon Application (BVI) Corporation
Asian Information Technology Inc.
Win-Win Systems Ltd.
WPG South Asia Pte. Ltd.
WPG China Inc.		 ACTIONTEC ELECTRONICS, INC.…etc. -
Equity securities
Zill Tek Technology Corp. etc. - Equity
securities
Silicon Electronics Company(s) Pte. Ltd. -
Equity securities
ViMOS Technologies GmBH - Equity
securities
CECI Technology Co. Ltd. etc. - Equity
securities		 None
None
None
None
None		 Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - current, etc.
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current
Financial assets at fair value through
profit or loss - non-current		 -
-
180
20
-		 6,225
$ 29,600
-
617
570,420		 -
-
-
9.00
-		 6,225
$ 29,600
-
617
570,420

Note 1: Fill in the amount after adjusted at fair value and deducted by accumulated impairment for the marketable securities measured at fair value; fill in the acquisition cost or amortized cost deducted by accumulated impairment for the marketable securities not measured at fair value.

  • Note 2: The original investee company, Vitec Holdings Co., Ltd., was delisted on March 27, 2019. Vitec Holdings Co., Ltd merged with UKC Holdings whereby a new company, Restar Holdings Corporation, was established. The effective date for this merger was April 1, 2019, and the name of the held marketable securities was changed.

  • Note 3: On September 18, 2020, the Board of Directors of the Group resolved to subscribe WT’s series A preference shares in the amount of 24,283,867 shares with a par value of NT$50 per share, with total consideration of $1,214,193, based

  • on the shareholding ratio at the effective date of the capital increase in accordance with the application for shares. As of October 15, 2020 (effective date of the capital increase), the Group’s shareholding ratio in WT is 17.99% of total

  • outstanding preference shares after subscribing WT’s series A preference shares.

  • Note 4: There are 566 thousand shares of Kingmax Technology Inc. which have been pledged for purchases as of March 31, 2021.

Table 3, Page 2

Table 4

WPG Holdings Limited and Subsidiaries

Purchases or sales of goods from or to related parties reaching $100 million or 20% of paid-in capital or more Three months ended March 31, 2021

Expressed in thousands of NTD (Except as otherwise indicated)

Purchaser/seller Counterparty Relationship
with the
counterparty		 Transaction Transaction Differences in transaction terms
compared to third party
transactions		 Differences in transaction terms
compared to third party
transactions		 Notes/accounts receivable(payable) Notes/accounts receivable(payable) Footnote
Purchases
(sales)		 Amount Percentage of
total purchases
(sales)		 Credit term Unitprice Credit term Balance Percentage of total
notes/accounts
receivable (payable)
WPG Holdings Limited
World Peace Industrial Co., Ltd.
"
World Peace International
(South Asia) Pte Ltd.
"
"
WPI International (Hong Kong)
Limited
"
"
"
"
"
Silicon Application corp.
"
"
Pernas Electronics Co., Ltd.
"		 World Peace Industrial Co., Ltd.
WPI International (Hong Kong) Limited
WPG Electronics (HK) Limited
WPG SCM Limited
WPG PT Electrindo Jaya
WPG C&C Comuters and Per Pheral
(India) Private Limited
World Peace Industrial Co., Ltd.
WPG China (SZ) Inc.
WPG China Inc.
WPG SCM Limited
WPG Korea Co., Ltd.
World Peace International (South Asia)
Pte Ltd.
Pernas Electronics Co., Ltd.
WPG Electronics (HK) Limited
WPG China (SZ) Inc.
Silicon Application corp.
Everwiner Enterprise Co., Ltd.		 Parent company
Same ultimate parent
company
"
"
An investment which
accounted associates
using the equity
method
Same ultimate parent
company
"
"
"
"
"
"
"
"
"
"
"		 Sales
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 212,678)
($ 2,559,696)
(
222,565)
(
692,319)
(
105,117)
(
349,056)
(
3,613,929)
(
445,750)
(
444,099)
(
226,529)
(
2,532,598)
(
274,028)
(
198,757)
(
1,508,757)
(
445,304)
(
286,760)
(
116,370)
(		 53.98)
(
8.48)
(
0.74)
(
11.22)
(
1.70)
(
5.66)
(
5.48)
(
0.68)
(
0.67)
(
0.34)
(
3.84)
(
0.42)
(
1.01)
(
7.63)
(
2.25)
(
19.49)
(
7.91)
(		 Note 5
Note 3
"
"
"
"
"
"
"
"
"
"
30 days after
monthly billings
90 days after
monthly billings
"
30 days after
monthly billings
Note 2		 Note 5
Note 3
"
"
"
"
"
"
"
"
"
"
Note 4
"
"
"
"		 Note 5
Note 3
"
"
"
"
"
"
"
"
"
"
Note 4
"
"
"
"		 71,087
$ 1,162,552
299,915
1,184,206
38,396
163,592
1,294,558
279,006
446,703
89,991
3,890,449
102,642
54,682
1,746,196
260,606
123,769
47,449		 46.52
5.55
1.43
27.65
0.90
3.82
2.56
0.55
0.88
0.18
7.70
0.20
0.33
10.49
1.56
10.02
3.84

Table 4, Page 1

Purchaser/seller Counterparty Relationship
with the
counterparty		 Transaction Transaction Differences in transaction terms
compared to third party
transactions		 Differences in transaction terms
compared to third party
transactions		 Notes/accounts receivable(payable) Notes/accounts receivable(payable) Footnote
Purchases
(sales)		 Amount Percentage of
total purchases
(sales)		 Credit term Unitprice Credit term Balance Percentage of total
notes/accounts
receivable (payable)
Everwiner Enterprise Co., Ltd.
"
Asian Information Technology
Inc.
"
Frontek Technology Corporation
"
Apache Communication Inc.
WPG Electronics (HK) Limited
"
"
WPG China (SZ) Inc.
WPG Americas Inc.
WPG South Asia Pte. Ltd.
Yosun Industrial Corp.
"
"
Yosun Hong Kong Corp. Ltd.
"
"
"
Yosun Singapore Pte Ltd.
"
Sertek Incorporated		 Silicon Application corp.
Pernas Electronics Co., Ltd.
Frontek Technology Corporation
Apache Communication Inc.
Asian Information Technology Inc.
WPG Electronics (HK) Limited
Asian Information Technology Inc.
World Peace Industrial Co., Ltd.
WPI International (Hong Kong) Limited
Peng Yu International Limited
WPG China Inc.
World Peace Industrial Co., Ltd.
World Peace International (South Asia)
Pte Ltd.
WPG China (SZ) Inc.
WPG China Inc.
Yosun Hong Kong Corp. Ltd.
WPG China (SZ) Inc.
WPG China Inc.
Yosun Industrial Corp.
Richpower Electronic Devices Co.,
Limited
WPG SCM Limited
Yosun Hong Kong Corp. Ltd.
Yosun Industrial Corp.		 Same ultimate parent
company
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 Sales
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 140,695)
($ 382,780)
(
1,654,834)
(
306,848)
(
1,275,504)
(
128,647)
(
400,249)
(
1,208,718)
(
2,592,677)
(
481,845)
(
593,997)
(
260,713)
(
102,546)
(
185,964)
(
149,059)
(
1,051,198)
(
228,129)
(
430,953)
(
193,366)
(
248,777)
(
112,156)
(
149,857)
(
148,800)
(		 11.53)
(
31.37)
(
17.66)
(
3.27)
(
15.65)
(
1.58)
(
5.90)
(
16.94)
(
36.34)
(
6.75)
(
18.24)
(
8.28)
(
32.97)
(
2.49)
(
1.99)
(
14.06)
(
2.87)
(
5.42)
(
2.43)
(
3.13)
(
6.62)
(
8.85)
(
4.47)
(		 30 days after
monthly billings
Note 2
"
"
"
"
"
Notes 3 and 5
"
"
Note 6
Note 3
Notes 3 and 5
Note 6
"
Note 3
Note 6
"
Note 3
"
"
"
"		 Note 4
"
Note 2
"
"
"
"
Notes 3 and 5
"
"
Note 6
Note 3
Notes 3 and 5
Note 6
"
Note 3
Note 6
"
Note 3
"
"
"
"		 Note 4
"
Note 2
"
"
"
"
Notes 3 and 5
"
"
Note 6
Note 3
Notes 3 and 5
Note 6
"
Note 3
Note 6
"
Note 3
"
"
"
"		 51,398
$ 231,843
1,970,483
245,803
734,035
226,465
362,016
734,556
2,549,255
269,898
666,487
109,866
-
185,388
150,116
421,869
199,518
430,066
64,008
124,684
40,492
73,493
54,776		 5.47
24.65
24.28
3.03
10.22
3.15
7.00
11.26
39.09
4.14
17.31
6.21
-
4.09
3.31
9.30
4.64
10.01
1.49
2.90
4.18
7.58
8.79

Table 4, Page 2

Purchaser/seller Counterparty Relationship
with the
counterparty		 Transaction Transaction Differences in transaction terms
compared to third party
transactions		 Differences in transaction terms
compared to third party
transactions		 Notes/accounts receivable(payable) Notes/accounts receivable(payable) Footnote
Purchases
(sales)		 Amount Percentage of
total purchases
(sales)		 Credit term Unitprice Credit term Balance Percentage of total
notes/accounts
receivable (payable)
Sertek Incorporated
Richpower Electronic Devices
Co., Ltd
"
Richpower Electronic Devices
Co., Limited
"
"
"
Peng Yu International Limited		 Yosun Hong Kong Corp. Ltd.
WPG Electronics (HK) Limited
Yosun Industrial Corp.
WPG Electronics (HK) Limited
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
Richpower Electronic Devices Co., Ltd.
WPG C&C Shanghai Co., Ltd.		 Same ultimate
parent company
"
"
"
"
"
"
"		 Sales
"
"
"
"
"
"
"		 184,593)
($ 269,312)
(
132,100)
(
167,974)
(
116,623)
(
646,413)
(
129,068)
(
263,310)
(		 5.54)
(
8.30)
(
4.07)
(
3.85)
(
2.68)
(
14.83)
(
2.96)
(
26.38)
(		 Note 3
Note 6
Note 3
Note 6
Note 3
"
"
"		 Note 3
Note 6
Note 3
Note 6
Note 3
"
"
"		 Note 3
Note 6
Note 3
Note 6
Note 3
"
"
"		 77,704
$ 357,512
26,721
169,545
116,690
272,580
62,949
75,695		 12.47
11.41
0.85
5.75
3.96
9.25
2.14
35.00

Note 1: As the related party transactions of consolidated subsidiaries exceeding $100 million are voluminous, the related information disclosed here is from the sales aspect. Note 2: The terms and sales prices were negotiated in consideration of different factors including product, cost, market and competition. The collection period is 30~120 days from the end of the month of sales. Note 3: The terms and sales prices were negotiated in consideration of different factors including product, cost, market and competition. The collection period is 30~90 days from the end of the month of sales. Note 4: The terms and sales prices were negotiated in consideration of different factors including product, cost, market and competition. Note 5: The income arose from the provision of administrative resources and management services, and the sales price and terms were determined by the parties. Note 6:The terms and sales prices were negotiated in consideration of different factors including product, cost, market and competition. The collection period is 60~120 days from the end of the month of sales.

Table 4, Page 3

Table 5

WPG Holdings Limited and Subsidiaries

Receivables from related parties reaching $100 million or 20% of paid-in capital or more

Three months ended March 31, 2021

Expressed in thousands of NTD (Except as otherwise indicated)

Creditor Counterparty Relationship
with the counterparty		 Balance as at
March 31, 2021
(Note1)		 Turnover rate
(Note2)		 Overdue receivables Overdue receivables Amount collected
subsequent to
the balance
sheetdate (Note 3)		 Allowance for
doubtfulaccounts
Amount Action taken
World Peace Industrial Co., Ltd.
World Peace Industrial Co., Ltd.
World Peace International (South Asia) Pte Ltd.
World Peace International (South Asia) Pte Ltd.
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
Silicon Application corp.
Silicon Application corp.
Pernas Electronics Co., Ltd.
Everwiner Enterprise Co., Ltd.
Asian Information Technology Inc.
Asian Information Technology Inc.
Frontek Technology Corporation
Frontek Technology Corporation
Frontek Technology Corporation
Apache Communication Inc.
WPG Electronics (HK) Limited
WPG Electronics (HK) Limited
WPG Electronics (HK) Limited
WPG China (SZ) Inc.
WPG Americas Inc.		 WPI International (Hong Kong) Limited
WPG Electronics (HK) Limited
WPG SCM Limited
WPG C&C Computers And Peripheral (India)
Private Limited
World Peace Industrial Co., Ltd.
WPG China (SZ) Inc.
WPG China Inc.
WPG Korea Co., Ltd.
World Peace International (South Asia) Pte Ltd.
WPG Electronics (HK) Limited
WPG China (SZ) Inc.
Silicon Application corp.
Pernas Electronics Co., Ltd.
Frontek Technology Corporation
Apache Communication Inc.
Asian Information Technology Inc.
Gather Technology Incorporation Limited
WPG Electronics (HK) Limited
Asian Information Technology Inc.
World Peace Industrial Co., Ltd.
WPI International (Hong Kong) Limited
Peng Yu International Limited
WPG China Inc.
World Peace Industrial Co., Ltd.		 Same ultimate parent
company
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 1,162,552
$ 299,915
1,184,206
163,592
1,294,558
279,006
446,703
3,890,449
102,642
1,746,196
260,606
123,769
231,843
1,970,483
245,803
734,035
107,969
226,465
362,016
734,556
2,549,255
269,898
666,487
109,866		 10.32
3.11
2.75
11.11
10.31
5.75
3.86
3.61
13.10
3.92
6.15
10.18
5.48
3.95
4.99
10.51
4.04
2.21
8.73
9.53
5.32
13.99
4.14
10.39		 25
$ 7,684
-
-
-
-
-
-
-
12,253
4,130
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 1,162,552
$ 76,900
256,815
152,372
1,294,558
81,491
145,758
997,810
-
305,568
87,301
123,769
107,246
180,614
-
176,046
27,095
51,967
113,900
52,008
457,533
226,195
308,605
109,865		 -
$ -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Table 5, Page 1

Overdue receivables

Creditor Counterparty Relationship
with the counterparty		 Balance as at
March 31, 2021
(Note1)		 Turnover rate
(Note2)		 Amount Action taken Amount collected
subsequent to
the balance
sheetdate (Note 3)		 Allowance for
doubtfulaccounts
Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
Yosun Hong Kong Corp. Ltd.
Yosun Hong Kong Corp. Ltd.
Richpower Electronic Devices Co., Ltd
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Co., Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
World Peasce Industrial Co., Ltd.
World Peace International Pte Ltd
World Peace International (South Asia) Pte Ltd.
World Peace International (South Asia) Pte Ltd.
World Peace International (South Asia) Pte Ltd.
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPG C&C Limited
Long-Think International (Hong Kong) Limited
AECO Electronics Co., Ltd.
Silicon Application corp.
Silicon Application (BVI) Corporation
Silicon Application (BVI) Corporation
Silicon Application Company Limited
Silicon Application Company Limited		 WPG China (SZ) Inc.
WPG China Inc.
Yosun Hong Kong Corp. Ltd.
WPG China (SZ) Inc.
WPG China Inc.
Richpower Electronic Devices Co., Limited
WPG Electronics (HK) Limited
WPG Electronics (HK) Limited
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
World Peasce Industrial Co., Ltd.
Silicon Application corp.
Asian Information Technology Inc.
WPI International (Hong Kong) Limited
World Peace International (South Asia) Pte Ltd.
WPI International (Hong Kong) Limited
WPG SCM Limited
WPG South Asia Pte. Ltd.
WPG Korea Co., Ltd.
World Peace International (South Asia) Pte Ltd.
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPG Electronics (HK) Limited
Silicon Application corp.
Peng Yu International Limited
Silicon Application corp.
WPG Electronics (HK) Limited		 Same ultimate parent
company
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 185,388
$ 150,116
421,869
199,518
430,066
124,684
357,512
169,545
116,690
272,580
144,914
113,937
135,317
3,245,644
144,266
1,142,977
110,326
170,923
273,974
292,521
231,099
404,462
688,764
1,014,371
1,155,953
172,092
659,965
1,032,393		 4.90
3.86
6.40
4.00
3.31
9.73
2.74
3.92
1.43
8.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00		 -
$ -
-
17
-
-
1,447
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 126,913
$ 54,517
58,313
122,222
166,451
124,684
78,932
169,115
48,410
134,358
-
-
-
3,537
57,196
3,913
485
68,637
3
-
1,288
203,757
-
2
-
-
1,172
-		 -
$ -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Table 5, Page 2

Creditor Counterparty Relationship
with the counterparty		 Balance as at
March 31, 2021
(Note1)		 Turnover rate
(Note2)		 Overdue receivables Overdue receivables Amount collected
subsequent to
the balance
sheetdate (Note 3)		 Allowance for
doubtfulaccounts
Amount Action taken
Pernas Electronics Co., Ltd.
Everwiner Enterprise Co., Ltd.
Asian Information Technology Inc.
WPG China Inc.
WPG South Asia Pte. Ltd.
WPG SCM Limited
WPG SCM Limited
WPG SCM Limited
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
Yosun Shanghai Corp. Ltd.
Yosun South China Corp. Ltd.
Yosun Singapore Pte Ltd.
Sertek Incorporated
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Pte Ltd
Peng Yu (Shanghai) Digital Technology Co., Ltd.		 Silicon Application corp.
Silicon Application corp.
Frontek Technology Corporation
LaaS (Dongguan) Supply Chain Management
Limited
WPG Korea Co., Ltd.
WPI International (Hong Kong) Limited
WPG Electronics (HK) Limited
WPG Korea Co., Ltd.
Richpower Electronic Devices Co., Limited
WPG China Inc.
WPG China (SZ) Inc.
WPG China (SZ) Inc.
World Peace International (South Asia) Pte Ltd.
Richpower Electronic Devices Co., Ltd
Yosun Hong Kong Pte. Ltd.
Yosun Singapore Pte Ltd.
WPG C&C Shanghai Co., Ltd.		 Same ultimate parent
company
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 400,197
$ 200,167
510,950
103,449
142,901
428,509
285,657
285,802
591,446
3,437,949
321,911
109,926
200,096
287,169
572,345
209,949
152,105		 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00		 -
$ -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
$ -
9,439
-
204
484
307
203
12,984
446,872
69,504
-
143,026
-
-
57,287
-		 -
$ -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Note 1: Balance as at March 31, 2021 includes other receivables that exceed $100,000.

Note 2: Turnover rate of 0.00 was caused by the receivables amount recorded as other receivables, and thus the turnover rate is not applicable. Note 3: The subsequent collections are amounts collected as of April 28, 2021.

Table 5, Page 3

Table 6

WPG Holdings Limited and Subsidiaries

Significant inter-company transactions during the reporting period Three months ended March 31, 2021

Expressed in thousands of NTD (Except as otherwise indicated)

Transaction

Number
(Note 1)		 Companyname Counterparty Relationship
(Note 2)		 General ledger account Amount Transaction terms Percentage of consolidated
total operating
revenues or total assets
(Note3)
0
1
1
2
2
3
3
3
3
3
3
7
7
7
8
8
9
9
10
10
12		 WPG Holdings Limited
World Peace Industrial Co., Ltd.
World Peace Industrial Co., Ltd.
World Peace International (South Asia) Pte
Ltd.
World Peace International (South Asia) Pte
Ltd.
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
Silicon Application corp.
Silicon Application corp.
Silicon Application corp.
Pernas Electronics Co., Ltd.
Pernas Electronics Co., Ltd.
Everwiner Enterprise Co., Ltd.
Everwiner Enterprise Co., Ltd.
Asian Information Technology Inc.
Asian Information Technology Inc.
Frontek Technology Corporation		 World Peace Industrial Co., Ltd.
WPI International (Hong Kong) Limited
WPG Electronics (HK) Limited
WPG SCM Limited
WPG C&C Computers And Peripheral
(India) Private Limited
World Peace Industrial Co., Ltd.
WPG China (SZ) Inc.
WPG China Inc.
WPG SCM Limited
WPG Korea Co., Ltd.
World Peace International (South Asia) Pte
Ltd.
Pernas Electronics Co., Ltd.
WPG Electronics (HK) Limited
WPG China (SZ) Inc.
Silicon Application corp.
Everwiner Enterprise Co., Ltd.
Silicon Application corp.
Pernas Electronics Co., Ltd.
Frontek Technology Corporation
Apache Communication Inc.
Asian Information Technology Inc.		 1
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3		 Sales
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 212,678
$ 2,559,696
222,565
692,319
349,056
3,613,929
445,750
444,099
226,529
2,532,598
274,028
198,757
1,508,757
445,304
286,760
116,370
140,695
382,780
1,654,834
306,848
1,275,504		 Note 11
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Notes 9 and 11
Notes 9 and 12
Notes 9 and 12
Notes 9 and 11
Note 4
Notes 9 and 11
Note 4
Note 4
Note 4
Note 4		 0.12
1.45
0.13
0.39
0.20
2.04
0.25
0.25
0.13
1.43
0.15
0.11
0.85
0.25
0.16
0.07
0.08
0.22
0.93
0.17
0.72

Table 6, Page 1

Transaction

Number
(Note 1)		 Companyname Counterparty Relationship
(Note 2)		 General ledger account Amount Transaction terms Percentage of consolidated
total operating
revenues or total assets
(Note3)
12
13
15
15
15
16
18
19
21
21
21
22
22
22
22
23
23
24
24
25
25
26
26
26
26
27		 Frontek Technology Corporation
Apache Communication Inc.
WPG Electronics (HK) Limited
WPG Electronics (HK) Limited
WPG Electronics (HK) Limited
WPG China (SZ) Inc.
WPG Americas Inc.
WPG South Asia Pte. Ltd.
Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
Yosun Hong Kong Corp. Ltd.
Yosun Hong Kong Corp. Ltd.
Yosun Hong Kong Corp. Ltd.
Yosun Singapore Pte Ltd.
Yosun Singapore Pte Ltd.
Sertek Incorporated
Sertek Incorporated
Richpower Electronic Devices Co., Ltd
Richpower Electronic Devices Co., Ltd
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Co., Limited
Peng Yu International Limited		 WPG Electronics (HK) Limited
Asian Information Technology Inc.
World Peace Industrial Co., Ltd.
WPI International (Hong Kong) Limited
Peng Yu International Limited
WPG China Inc.
World Peace Industrial Co., Ltd.
World Peace International (South Asia) Pte
Ltd.
WPG China (SZ) Inc.
WPG China Inc.
Yosun Hong Kong Corp. Ltd.
WPG China (SZ) Inc.
WPG China Inc.
Yosun Industrial Corp.
Richpower Electronic Devices Co., Limited
WPG SCM Limited
Yosun Hong Kong Corp. Ltd.
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
WPG Electronics (HK) Limited
Yosun Industrial Corp.
WPG Electronics (HK) Limited
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
Richpower Electronic Devices Co., Ltd
WPG C&C Shanghai Co., Ltd.		 3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3		 Sales
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 128,647
$ 400,249
1,208,718
2,592,677
481,845
593,997
260,713
102,546
185,964
149,059
1,051,198
228,129
430,953
193,366
248,777
112,156
149,857
148,800
184,593
269,312
132,100
167,974
116,623
646,413
129,068
263,310		 Note 4
Note 4
Note 5
Note 5
Note 5
Note 8
Note 5
Note 11
Note 8
Note 8
Note 5
Note 8
Note 8
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Note 8
Note 5
Note 8
Note 5
Note 5
Note 5
Note 5		 0.07
0.23
0.68
1.46
0.27
0.34
0.15
0.06
0.11
0.08
0.59
0.13
0.24
0.11
0.14
0.06
0.08
0.08
0.10
0.15
0.07
0.09
0.07
0.37
0.07
0.15

Table 6, Page 2

Transaction

Number
(Note 1)		 Companyname Counterparty Relationship
(Note 2)		 General ledger account Amount Transaction terms Percentage of consolidated
total operating
revenues or total assets
(Note3)
1
1
2
2
3
3
3
3
3
7
7
8
9
10
10
12
12
12
13
15
15
15
16
18
21		 World Peace Industrial Co., Ltd.
World Peace Industrial Co., Ltd.
World Peace International (South Asia) Pte
Ltd.
World Peace International (South Asia) Pte
Ltd.
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
Silicon Application corp.
Silicon Application corp.
Pernas Electronics Co., Ltd.
Everwiner Enterprise Co., Ltd.
Asian Information Technology Inc.
Asian Information Technology Inc.
Frontek Technology Corporation
Frontek Technology Corporation
Frontek Technology Corporation
Apache Communication Inc.
WPG Electronics (HK) Limited
WPG Electronics (HK) Limited
WPG Electronics (HK) Limited
WPG China (SZ) Inc.
WPG Americas Inc.
Yosun Industrial Corp.		 WPI International (Hong Kong) Limited
WPG Electronics (HK) Limited
WPG SCM Limited
WPG C&C Computers And Peripheral
(India) Private Limited
World Peace Industrial Co., Ltd.
WPG China (SZ) Inc.
WPG China Inc.
WPG Korea Co., Ltd.
World Peace International (South Asia) Pte
Ltd.
WPG Electronics (HK) Limited
WPG China (SZ) Inc.
Silicon Application corp.
Pernas Electronics Co., Ltd.
Frontek Technology Corporation
Apache Communication Inc.
Asian Information Technology Inc.
Gather Techonogy Incorporation Limited
WPG Electronics (HK) Limited
Asian Information Technology Inc.
World Peace Industrial Co., Ltd.
WPI International (Hong Kong) Limited
Peng Yu International Limited
WPG China Inc.
World Peace Industrial Co., Ltd.
WPG China (SZ) Inc.		 3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3		 Accounts receivable
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 1,162,552
$ 299,915
1,184,206
163,592
1,294,558
279,006
446,703
3,890,449
102,642
1,746,196
260,606
123,769
231,843
1,970,483
245,803
734,035
107,969
226,465
362,016
734,556
2,549,255
269,898
666,487
109,866
185,388		 Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Note 5
Notes 9 and 12
Notes 9 and 12
Notes 9 and 11
Note 4
Note 4
Note 4
Note 4
Note 4
Note 4
Note 4
Note 10
Note 10
Note 10
Note 8
Note 5
Note 8		 0.43
0.11
0.43
0.06
0.48
0.10
0.16
1.43
0.04
0.64
0.10
0.05
0.09
0.72
0.09
0.27
0.04
0.08
0.13
0.27
0.94
0.10
0.24
0.04
0.07

Table 6, Page 3

Transaction

Number
(Note 1)		 Companyname Counterparty Relationship
(Note 2)		 General ledger account Amount Transaction terms Percentage of consolidated
total operating
revenues or total assets
(Note3)
21
21
22
22
22
25
26
26
26
0
0
0
1
28
2
2
2
3
3
42
6
32
7		 Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
Yosun Hong Kong Corp. Ltd.
Yosun Hong Kong Corp. Ltd.
Richpower Electronic Devices Co., Ltd
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Co., Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
World Peace Industrial Co., Ltd.
World Peace International Pte Ltd
World Peace International (South Asia) Pte
Ltd.
World Peace International (South Asia) Pte
Ltd.
World Peace International (South Asia) Pte
Ltd.
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPG C&C Limited
Long-Think International (Hong Kong)
Limited
AECO Electronics Co., Ltd.
Silicon Application corp.		 WPG China Inc.
Yosun Hong Kong Corp. Ltd.
WPG China (SZ) Inc.
WPG China Inc.
Richpower Electronic Devices Co., Limited
WPG Electronics (HK) Limited
WPG Electronics (HK) Limited
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
World Peace Industrial Co., Ltd.
Silicon Application corp.
Asian Information Technology Inc.
WPI International (Hong Kong) Limited
World Peace International (South Asia) Pte
Ltd.
WPI International (Hong Kong) Limited
WPG SCM Limited
WPG South Asia Pte. Ltd.
WPG Korea Co., Ltd.
World Peace International (South Asia) Pte
Ltd.
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPI International (Hong Kong) Limited
WPG Electronics (HK) Limited		 3
3
3
3
3
3
3
3
3
1
1
1
3
3
3
3
3
3
3
3
3
3
3		 Accounts receivable
"
"
"
"
"
"
"
"
Other receivables
"
"
"
"
"
"
"
"
"
"
"
"
"		 150,116
$ 421,869
199,518
430,066
124,684
357,512
169,545
116,690
272,580
144,914
113,937
135,317
3,245,644
114,266
1,142,977
110,326
170,923
273,974
292,521
231,099
404,462
688,764
1,014,371		 Note 8
Note 5
Note 8
Note 8
Note 5
Note 8
Note 8
Note 5
Note 5
Note 13
Note 13
Note 13
Note 7
Note 7
Note 6
Note 6
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7		 0.06
0.15
0.07
0.16
0.05
0.13
0.06
0.04
0.10
0.05
0.04
0.05
1.19
0.04
0.42
0.04
0.06
0.10
0.11
0.08
0.15
0.25
0.37

Table 6, Page 4

Transaction

Number
(Note 1)		 Companyname Counterparty Relationship
(Note 2)		 General ledger account Amount Transaction terms Percentage of consolidated
total operating
revenues or total assets
(Note3)
43
43
34
34
8
9
10
17
19
39
39
39
21
22
35
36
23
24
26
38
40		 Silicon Application (BVI) Corporation
Silicon Application (BVI) Corporation
Silicon Application Company Limited
Silicon Application Company Limited
Pernas Electronics Co., Ltd.
Everwiner Enterprise Co., Ltd.
Asian Information Technology Inc.
WPG China Inc.
WPG South Asia Pte. Ltd.
WPG SCM Limited
WPG SCM Limited
WPG SCM Limited
Yosun Industrial Corp.
Yosun Hong Kong Corp. Ltd.
Yosun Shanghai Corp. Ltd.
Yosun South China Corp. Ltd.
Yosun Singapore Pte Ltd.
Sertek Incorporated
Richpower Electronic Devices Co., Limited
Richpower Electronic Devices Pte Ltd
Peng Yu (Shanghai) Digital Technology Co.,
Ltd.		 Silicon Application corp.
Peng Yu International Limited
Silicon Application corp.
WPG Electronics (HK) Limited
Silicon Application corp.
Silicon Application corp.
Frontek Technology Corporation
LaaS (Dongguan) Supply Chain
Management Limited
WPG Korea Co., Ltd.
WPI International (Hong Kong) Limited
WPG Electronics (HK) Limited
WPG Korea Co., Ltd.
Richpower Electronic Devices Co., Limited
WPG China Inc.
WPG China (SZ) Inc.
WPG China (SZ) Inc.
World Peace International (South Asia) Pte
Ltd.
Richpower Electronic Devices Co., Ltd
Yosun Hong Kong Corp. Ltd.
Yosun Singapore Pte Ltd.
WPG C&C Shanghai Co., Ltd.		 3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3		 Other receivables
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"		 1,155,953
$ 172,092
659,965
1,032,393
400,197
200,167
510,950
103,449
142,901
428,509
285,657
285,802
591,446
3,437,949
321,911
109,926
200,096
287,169
572,345
209,949
152,105		 Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 14
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7
Note 7		 0.42
0.06
0.24
0.38
0.15
0.07
0.19
0.04
0.05
0.16
0.10
0.10
0.22
1.26
0.12
0.04
0.07
0.11
0.21
0.08
0.06

Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:

(1) Parent company is ‘0’.

(2) The subsidiaries are numbered in order starting from ‘1’.

Note 2: Relationship between transaction company and counterparty is classified into the following three categories:

(1) Parent company to subsidiary.

(2) Subsidiary to parent company.

Table 6, Page 5

(3) Subsidiary to subsidiary.

Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.

Note 4: The terms and sales prices were negotiated in consideration of different factors including product, cost, market and competition. The collection period is 30~120 days from the end of the month of sales.

Note 5: The terms and sales prices were negotiated in consideration of different factors including product, cost, market and competition. The collection period is 30~90 days from the end of the month of sales. Note 6: The amount receivable pertains to receipts under custody.

Note 7: Mainly accrued financing charges.

Note 8: The terms and sales prices were negotiated in consideration of different factors including product, cost, market and competition. The collection period is 60~120 days from the end of the month of sales. Note 9: The terms and sales prices were negotiated in consideration of different factors including product, cost, market and competition.

Note 10: The collection period is 60 days from the end of the month of sales.

Note 11: The collection period is 30 days from the end of the month of sales.

Note 12: The collection period is 90 days from the end of the month of sales. Note 13: The amount receivable arose from filing of consolidated tax return.

Note 14: The receivable was due from a payment to supplier on behalf of associates.

Table 6, Page 6

WPG Holdings Limited and Subsidiaries

Information on investees (excluding information on investments in Mainland china)

Three months ended March 31, 2021

Table 7

Expressed in thousands of NTD

(Except as otherwise indicated)

Investor Investee Location Main business
activities		 Initial investmentamount Initial investmentamount Sharesheld as at March31,2021 Sharesheld as at March31,2021 Sharesheld as at March31,2021 Net profit (loss) of
the investee for the
three months ended
March31,2021		 Investment income
(loss) recognized by
the Company for the
three months ended
March 31, 2021
(Note 1)		 Footnote
Balance as at
March31,2021		 Balance as at
December 31,
2020		 Numberofshares Ownership
(%)		 Bookvalue
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
WPG Holdings Limited
World Peace Industrial Co., Ltd.
World Peace Industrial Co., Ltd.
World Peace Industrial Co., Ltd.		 World Peace Industrial Co., Ltd.
Silicon Application Corp.
Asian Information Technology
Inc.
WPG Electronics Limited
WPG International (CI) Limited
WPG Korea Co., Ltd.
Yosun Industrial Corp.
Trigold Holdings Limited
WPG Investment Co., Ltd.
WT Microelectronics Co., Ltd.
World Peace International (BVI)
Ltd.
WPI Investment Holding (BVI)
Company Ltd.
Longview Technology Inc.		 Taiwan
Taiwan
Taiwan
Taiwan
Cayman Islands
South Korea
Taiwan
Taiwan
Taiwan
Taiwan
British Virgin
Islands
British Virgin
Islands
Taiwan		 Agent and sales of
electronic/
eletrical components
Sales of computer software
and electronic components
Sales of electronic/
electrical components
Agent and sales of
electronic/
eletrical components
Holding company
Agent and sales of
electronic/
eletrical components
Sales of electronic/
electrical components
Investment company
Investment company
Trading company
Holding company
Holding company
Agent and sales of
electronic/
eletrical components		 18,471,669
$ 5,717,962
4,863,464
14,735
4,583,583
169,071
12,144,406
707,968
2,102,997
8,111,638
1,132,162
2,774,146
364,290		 18,471,669
$ 5,717,962
4,863,464
14,735
4,583,583
169,071
12,144,406
707,968
2,102,997
8,111,638
1,132,162
2,774,146
364,290		 1,592,500,000
579,000,000
530,000,000
3,920,000
150,282,520
1,087,794
362,074,400
48,139,319
210,000,000
177,110,000
34,196,393
83,179,435
33,900,000		 100.00
100.00
100.00
100.00
100.00
100.00
100.00
60.50
100.00
22.38
100.00
100.00
100.00		 25,957,298
$ 7,600,883
5,984,676
62,340
5,991,834
445,099
12,235,257
867,870
2,108,982
11,576,348
3,851,720
20,467,389
539,865		 964,018
$ 276,570
310,741
2,094
171,579
25,757)
(
296,332
98,529
19,586)
(
1,510,027
67,873
670,680
1,566)
(		 964,018
$ 276,570
310,741
2,032
171,579
25,757)
(
295,453
58,469
19,586)
(
330,554
-
-
-		 Note 4
Note 4
Note 4
Note 4
Note 4
Note 4
Note 4
Note 4
Note 4
Note 6
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5

Table 7, Page 1

Investor Investee Location Main business
activities		 Initial investmentamount Initial investmentamount Sharesheld as at March31,2021 Sharesheld as at March31,2021 Sharesheld as at March31,2021 Net profit (loss) of
the investee for the
three months ended
March31,2021		 Investment income
(loss) recognized by
the Company for the
three months ended
March 31, 2021
(Note 1)		 Footnote
Balance as at
March31,2021		 Balance as at
December 31,
2020		 Numberofshares Ownership
(%)		 Bookvalue
World Peace Industrial Co., Ltd.
World Peace Industrial Co., Ltd.
Longview Technology Inc.
Longview Technology Inc.
AECO Technology Co., Ltd.
Silicon Application corp.
Silicon Application corp.
Silicon Application corp.
Silicon Application corp.
Pernas Electronics Co., Ltd.
Asian Information Technology
Inc.
Asian Information Technology
Inc.
Asian Information Technology
Inc.
Asian Information Technology
Inc.
Asian Information Technology
Inc.
Frontek Technology Corporation		 AECO Technology Co., Ltd.
Chainpower Technology Corp.
Longview Technology GC
Limited
Long-Think International Co.,
Ltd.
Teco Enterprise Holding (BVI)
Co., Ltd.
Win-Win Systems Ltd.
Silicon Application (BVI)
Corporation
SAC Components (South Asia)
Pte. Ltd.
Pernas Electronics Co., Ltd.
Everwiner Enterprise Co., Ltd.
Henshen Electric Trading
Co.,Ltd.
Frontek Technology Corporation
Apache Communication Inc.
Adivic Technology Co., Ltd.
Fame Hall International Co., Ltd.
Frontek International Limited		 Taiwan
Taiwan
British Virgin
Islands
Taiwan
British Virgin
Islands
British Virgin
Islands
British Virgin
Islands
Singapore
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
British Virgin
Islands
British Virgin
Islands		 Agent and sales of
electronic/
eletrical components
Agent and sales of
electronic/
eletrical components
Holding company
Agent and sales of
electronic/
eletrical components
Investment company
Holding company
Holding company
Sales of computer software
and electronic components
Agent and sales of
electronic/
eletrical components
Agent and sales of
electronic/
eletrical components
Sales of electronic/
electrical components
Sales of electronic/
electrical components
Sales of electronic/
electrical components
Import and export business
for electronic components
Investment company
Investment company		 1,468,555
$ 66,261
335,328
37,302
436,280
24,015
706,402
104,510
959,504
343,959
124,521
1,515,256
480,313
206,200
155,558
101,862		 1,468,555
$ 66,261
335,328
37,302
436,280
24,015
706,402
104,510
959,504
343,959
124,521
1,515,256
480,313
206,200
155,558
101,862		 94,600,000
9,781,452
11,300,000
4,000,000
12,610,000
765,000
22,000,000
3,500,000
73,500,000
28,000,000
10,000,000
214,563,352
154,300,000
4,410,000
4,703,107
2,970,000		 100.00
39.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
25.94
100.00
100.00		 1,599,290
$ 176,905
526,056
46,944
762,931
24,664
3,108,300
108,700
1,274,137
858,765
117,917
2,181,607
1,606,600
25,265
262,784
122,262		 1,616
$ 29,347
1,106
260)
(
2,018
8
9,431
250)
(
48,144
38,732
6,577)
(
110,461
58,349
5,232)
(
415
1,070		 -
$ -
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5

Table 7, Page 2

Investor Investee Location Main business
activities		 Initial investmentamount Initial investmentamount Sharesheld as at March31,2021 Sharesheld as at March31,2021 Sharesheld as at March31,2021 Net profit (loss) of
the investee for the
three months ended
March31,2021		 Investment income
(loss) recognized by
the Company for the
three months ended
March 31, 2021
(Note 1)		 Footnote
Balance as at
March31,2021		 Balance as at
December 31,
2020		 Numberofshares Ownership
(%)		 Bookvalue
Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Industrial Corp.
Yosun Industrial Corp.
Sertek Incorporated
Richpower Electronic Devices
Co., Ltd
Richpower Electronic Devices
Co., Ltd
Trigold Holdings Limited
Trigold Holdings Limited
WPG Investment Co., Ltd.
WPG Investment Co., Ltd.
WPG Investment Co., Ltd.
WPG Investment Co., Ltd.
WPG Investment Co., Ltd.
WPG Investment Co., Ltd.
WPG Investment Co., Ltd.		 Suntop Investments Limited
Sertek Incorporated
Richpower Electronic Devices
Co., Ltd.
Eesource Corp.
Pan-World Control
Technologies, Inc.
Sertek Limited
Richpower Electronic Devices
Co., Limited
Richpower Electronic Devices
Pte Ltd.
Genuine C&C Inc.
Trigold (Hong Kong) Company
Limited
Trigold Holdings Limited
AutoSys Co., Ltd.
Beauteek Global Wellness
Corporation Limited
Pan-World ControlTechnologies,
Inc.
Eesource Corp.
Sunrise Technology Co., Ltd.
LaaS Holdings (Samoa) Limited		 Cayman Islands
Taiwan
Taiwan
Taiwan
Taiwan
Hong Kong
Hong Kong
Singapore
Taiwan
Hong Kong
Taiwan
Cayman Islands
Hong Kong
Taiwan
Taiwan
Taiwan
Samoa		 Investment company
Sales of electronic/
electrical components
Sales of
electronic/electrical
components, office
machinery and equipment
Sales of electronic/
electrical components
Wholesale of machinery
Sales of electronic/
electrical components
Sales of electronic
components
Sales of electronic
components
Sales of electronicproducts
and itsperipheral equipment
Holding company
Investment company
Holding company
Community e-commerce
trading plat form and
related services
Wholesale of machinery
Sales of electronic/
electrical components,
office machinery and
equipment
Manufacturing of computer
and its peripheral
equipment
Holding company		 1,812,188
$ 1,616,722
2,092,631
11,520
19,920
83,494
284,898
1,988
1,093,697
510,981
230
73,000
13,663
17,800
11,520
50,000
1,142,712		 1,812,188
$ 1,616,722
2,092,631
11,520
19,920
83,494
284,898
1,988
1,093,697
510,981
230
73,000
13,663
17,800
11,520
50,000
1,142,712		 50,700,000
94,828,100
85,000,000
1,080,000
1,660,000
19,500,000
63,000,000
10,000
79,569,450
130,200,000
10,000
5,000,000
354,400
1,565,218
1,080,000
3,279,800
40,060,000		 100.00
100.00
100.00
20.00
24.24
100.00
100.00
100.00
100.00
100.00
0.01
16.25
19.34
22.86
20.00
10.67
100.00		 5,049,930
$ 1,769,787
2,188,539
33,559
-
76,206
2,358,757
216,175
1,169,064
758,530
252
69,643
7,948
-
33,539
44,462
1,097,636		 65,759
$ 45,501
126,777
9,049
-
264
36,266
368
39,333
65,403
98,529
3,870)
(
2,738)
(
-
9,049
686
28,408)
(		 -
$ -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 3
Notes 2 and 3
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 5
Notes 2 and 3
Notes 2 and 3
Notes 2 and 3
Notes 2 and 3
Notes 2 and 3
Notes 2 and 3
Notes 2 and 5

Table 7, Page 3

Investor Investee Location Main business
activities		 Initial investmentamount Initial investmentamount Sharesheld as at March31,2021 Sharesheld as at March31,2021 Sharesheld as at March31,2021 Net profit (loss) of
the investee for the
three months ended
March31,2021		 Investment income
(loss) recognized by
the Company for the
three months ended
March 31, 2021
(Note 1)		 Footnote
Balance as at
March31,2021		 Balance as at
December 31,
2020		 Numberofshares Ownership
(%)		 Bookvalue
Genuine C&C Inc.
Genuine C&C Inc.
Genuine C&C Inc.		 Hoban Inc.
Genuine C&C Holding Inc.
(Seychelles)
Sunrise Technology Co., Ltd.		 Taiwan
Seychelles
Taiwan		 An E-commerce company
which operates B2C and
O2O businesses
Holding company
Manufacturing of computer
and its peripheral
equipment		 79,999
$ 193,870
12,636		 79,999
$ 193,870
12,636		 8,000,000
6,500,000
1,682,151		 100.00
100.00
5.47		 1,079)
($ 130,149
3,230		 3,098)
($ 721
686		 -
$ -
-		 Notes 2 and 5
Notes 2 and 5
Notes 2 and 3

Note 1: Investment income (loss) recognized by the company including realized (unrealized) gain or loss from upstream intercompany transactions and amortization of investment discount (premium). Note 2: Investment income (loss) recognized by each subsidiary.

Note 3: An investee company accounted for using the equity method by subsidiary. Note 4: A subsidiary.

Note 5: An indirect subsidiary.

Note 6: An investee company accounted for using the equity method by the Company.

Table 7, Page 4

WPG Holdings Limited and Subsidiaries

Information on investments in Mainland China

Three months ended March 31, 2021

Table 8

Expressed in thousands of NTD (Except as otherwise indicated)

Investee in
Mainland China		 Main business
activities		 Paid-in
capital		 Investment
method
(Note1)		 Accumulated
amount of
remittance from
Taiwan to
Mainland China
as of January 1,
2021		 Amount remitted from Taiwan
to Mainland China / Amount
remitted back to Taiwan for the
three months ended March 31,
2021		 Amount remitted from Taiwan
to Mainland China / Amount
remitted back to Taiwan for the
three months ended March 31,
2021		 Accumulated
amount of
remittance from
Taiwan to
Mainland China as
of March 31,2021		 Net income of
investee for the
three months
ended March 31,
2021		 Ownership held
by the Company
(direct or
indirect)
Investment income
(loss) recognized by
the Company for
the three months
ended March 31,
2021
(Note 3)		 Book value of
investments in
Mainland China as
of March 31, 2021
(Note 6)
Accumulated
amount of
investment income
remitted back to
Taiwan as of
March 31,2021
Footnote
Remitted to
Mainland
China		 Remitted back
toTaiwan
WPG China Inc.
WPG China (SZ) Inc.
Suzhou Xinning Bonded
Warehouse Co., Ltd.
Gain Tune Logistics
(Shanghai) Co., Ltd.
Suzhou Xinning
Logistics Co., Ltd.
WPG C&C Shanghai
Co., Ltd.
Yosun Shanghai Corp.
Ltd.
Yosun South China Corp.
Ltd.
Qegoo Technology Co.,
Ltd.
Beauteek (Shanghai)
Global Wellness
Corporation Limited		 Agent for selling
electronic/electrical
components
Sales of
semiconductor
integrated circuit and
electronic components
Warehousing services
Warehousing services
/ extra work
Warehousing services
Sales of
electronic/electrical
products
Sales of electronic
components and
warehousing services
Sales of electronic
/electrical components
Business e-commerce
platform
Community
e-commerce trading
platform and related
services		 1,643,974
$ 145,890
35,925
43,440
65,160
230,826
272,872
139,306
52,790
48,510		 1
1
1
1
1
1
1
1
1
1		 1,664,673
$ 99,494
26,774
14,141
17,542
244,463
219,720
-
4,575
7,462		 -
$ -
-
-
-
-
-
-
-
-		 -
$ -
-
-
-
-
-
-
-
-		 1,664,673
$ 99,494
26,774
14,141
17,542
244,463
219,720
-
4,575
7,462		 116,194
$ 54,481
2,090
1,966)
(
2,445
34,155
1,768
1,118
-
-		 100.00
116,194
$ 100.00
54,481
49.00
1,024
40.00
787)
(
29.40
719
100.00
20,667
100.00
1,768
100.00
1,118
15.00
-
15.38
-		 2,695,750
$ -
$ 924,025
-
Note 3
69,352
-
23,055
-
44,736
-
240,513
-
Note 6
369,539
-
210,223
-
-
-
-
-

Table 8, Page 1

Investee in
Mainland China		 Main business
activities		 Paid-in
capital		 Investment
method
(Note1)		 Accumulated
amount of
remittance from
Taiwan to
Mainland China
as of January 1,
2021		 Amount remitted from Taiwan
to Mainland China / Amount
remitted back to Taiwan for the
three months ended March 31,
2021		 Amount remitted from Taiwan
to Mainland China / Amount
remitted back to Taiwan for the
three months ended March 31,
2021		 Accumulated
amount of
remittance from
Taiwan to
Mainland China as
of March 31,2021		 Net income of
investee for the
three months
ended March 31,
2021		 Ownership held
by the Company
(direct or
indirect)
Investment income
(loss) recognized by
the Company for
the three months
ended March 31,
2021
(Note 3)		 Accumulated
amount of
investment income
remitted back to
Taiwan as of
March 31,2021
Book value of
investments in
Mainland China as
of March 31, 2021
(Note 6)
Footnote
Remitted to
Mainland
China		 Remitted back
toTaiwan
LaaS (Dongguan) Supply
Chain Management
Limited
Peng Yu (Shanghai)
Digital Technology Co.,
Ltd
Trigolduo (Shanghai)
Industrial Development
Ltd.
Trigold Tongle
(Shanghai) Industrial
Development Ltd.		 Supply chain
management, design
and related businesses.
Sales of
electronic/electrical
products
Children’s indoor
amusement park
Children’s indoor
amusement park		 1,141,400
$ 97,740
43,440
6,516		 1
1
1
1		 1,141,400
$ 185,864
30,408
-		 -
$ -
-
-		 -
$ -
-
-		 1,141,400
$ 185,864
30,408
-		 28,385)
($ 25,820
4,657)
(
891)
(		 100.00
28,385)
($ 100.00
15,624
70.00
1,973)
(
70.00
378)
(		 1,095,953
$ -
$ Note 8
214,375
-
3,543)
(
-
1,393)
(
-
Note 7

  • Note 1: Through investing in an existing company in the third area, which then invested in the investee in Mainland China, is ‘1’.

  • Note 2: Except for WPG China Inc., WPG China (SZ) Inc. and WPI International Trading (Shanghai) Ltd., the investment income/loss for the three months ended March 31, 2021 that was recognised by the Company was based on the financial statements reviewed by international accounting firm which has cooperative relationship with accounting firm in R.O.C. The remaining investment income/loss was measured based on unreviewed financial statements of investee during the same period.

  • Note 3: WPG International (Hong Kong) Limited invested in WPG (SZ) Inc. in the amount of HKD 10 million, which is part of the distribution of earnings from WPG China Inc. The investment had been permitted by Investment Commission, and was excluded from the ceiling of investment amount in Mainland China.

  • Note 4: For paid-in capital, amount remitted from Taiwan to Mainland China/ amount remitted back to Taiwan for the three months ended March 31, 2021, accumulated amount of remittance from Taiwan to Mainland China as of March 31, 2021, book value of investments in Mainland China as of March 31, 2021, accumulated amount of investment income remitted back to Taiwan as of March 31, 2021, etc., the exchange rates used were USD 1: NTD 28.535, HKD 1: NTD 3.67 and RMB 1: NTD 4.344.

  • Note 5: The ending balance of investment was calculated based on combined ownership percentage held by the Company.

  • Note 6: The retirement of World Peace Industrial Co., Ltd.’s indirect investment in Mainland China, WPG C&C Shanghai Co., Ltd., has been approved by Investment Commission, Ministry of Economic Affairs on May 22, 2019

  • amounting to USD 11,650 thousand. World Peace Industrial Co., Ltd. will submit an application to Investment Commission, Ministry of Economic Affairs for deducting the accumulated amount of remittance from Taiwan to Mainland China when the consideration arising from transfer of equity interests is remitted back from the investment in the third area, WPI International (HK) Limited.

  • Note 7: Trigold Tongle (Shanghai) Industrial Development Ltd. is a wholly-owned subsidiary of Trigolduo (Shanghai) Industrial Development Ltd.

  • Note 8: WPG Investment Co., Ltd. acquired a 100% equity interest in Mainland China investee, LaaS (Dongguan) Supply Chain Management Limited, through a reinvestment, LaaS Holdings (HK) Limited, of WPG Investment Co., Ltd.'s investment in the third area, Samoa, on August 2, 2020. WPG Investment Co., Ltd. had received a post-approval from the MOEA.

Table 8, Page 2

Companyname Accumulated amount of remittance from
Taiwan to Mainland China as of
March31,2021		 Investment amount approved by the Investment
Commission of the Ministry of Economic Affairs
(MOEA)		 Ceiling on investments in Mainland China
imposed bytheInvestmentCommissionof MOEA
WPG Holdings Limited
World Peace Industrial Co., Ltd. and its subsidiaries
Silicon Application Corp. and its subsidiaries
Yosun Industrial Corp. and its subsidiares
WPG Investment Co., Ltd.
Trigold Holdings Limited		 1,822,624
$ 365,207
12,303
239,266
1,153,437
549,931		 1,991,001
$ 441,288
17,881
506,896
1,162,798
549,931		 41,152,629
$ 15,605,148
4,560,530
5,089,141
1,265,389
823,863

(1) Exchange rates as of March 31, 2021 were USD 1: NTD28.535, HKD 1 : NTD 3.67 and RMB 1 : NTD 4.344.

(2) The ceiling of investment amount of the company is calculated based on the investor's net assets.

Table 8, Page 3

Table 9

WPG Holdings Limited and Subsidiaries

Major shareholders information March 31, 2021

Name of major shareholders Shares Shares
Number of shares held Ownership (%)
Fubon Life Assurance Co., Ltd.
126,362,000
Description: If the company applies Taiwan Depository & Clearing Corporation for the information of the table, the following can be explained in the notes		 6,72%
of the table.

  • (a) The major shareholders information was derived from the data that the Company issued common shares (including treasury shares) and preference shares in dematerialised form which were registered and held by the shareholders above 5% on the last operating date of each quarter and was calculated by the Taiwan Depository & Clearing Corporation. The share capital which was recorded in the financial statements may be different from the actual number of shares in dematerialised form due to the difference in the calculation basis.

  • (b) If the aforementioned data contains shares which were held in trust by the shareholders, the data is disclosed as a separate account of client which was set by the trustee. As for the shareholder who reports share equity as an insider

  • whose shareholding ratio is greater than 10%, in accordance with the Securities and Exchange Act, the shareholding ratio includes the self-owned shares and shares held in trust, and at the same time, the shareholder has the power t

  • decide how to allocate the trust assets. For the information on reported share equity of insider, please refer to Market Observation Post System.

Table 9, Page 1

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